New vehicle sales head for an annual high

Motor vehicle registrations in the first 10 months of this year are 9.8% ahead of the same period last year.

New Zealand new vehicle sales rose 5.6 percent in October, hitting a new record for the month and keeping sales on track to hit their highest ever level this year.

Some 15,530 new vehicles were registered in October, ahead of the 14,709 registered in the same month last year, according to the Motor Industry Association. That marks the highest ever level for an October month and the second strongest of any month, behind only the 15,985 new vehicles registered in June this year.

Motor vehicle registrations in the first 10 months of this year are 9.8 percent ahead of the same period last year at 133,960. That suggests new vehicle sales will surpass last year's total of 146,939 and hit a fourth straight annual record as the economy is buoyed by low interest rates and record migration.

"The 2017 new vehicle market is expected to easily break through the 150,000 new vehicles mark for the first time," said MIA chief executive David Crawford.

In October, registrations of new passenger vehicles increased 3 percent to 11,114 while registrations of commercial vehicles jumped 13 percent to 4,416.

Japanese car maker Toyota remained the market leader in October, with a 29 percent market share, followed by Ford on 10 percent and Holden at 9 percent, the MIA said.

(BusinessDesk)

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