Demand for new cars softens
There were 99,091 registrations of new vehicles in Australia last month, which was a decrease of 11.6 per cent from 112,141 a year ago.
It took the year-to-date total for the sector to 1.12 million units, according to the Federal Chamber of Automotive Industries (FCAI).
The Toyota RAV4 was the top-selling vehicle across the ditch last month with 5,526 sales, followed by the Ford Ranger on 4,981.
Completing the top five was Toyota’s Prado on 3,590 registrations, the Toyota Hilux with 3,572 and MG ZS, pictured, on 2,794.
Toyota emerged as the best-selling marque in November after completing 20,562 sales. Next was Ford with 8,720, Mazda on 7,588, Kia with 6,410 and Mitsubishi on 6,205.
The FCAI notes last month’s overall performance reflects a softening in demand compared with last year and that buyers are showing a continued preference for hybrid and plug-in hybrid technology.
Tony Weber, chief executive, says the 2024 year-to-date result is strong from a historical perspective but the market is starting to show a number of trends.
“The first half of 2024 recorded market growth of 8.7 per cent compared with 2023. Since July, we have seen the market decline by 8.2 per cent compared with 2023,” he explains.
“The private buyer segment continues to struggle with a decline of 16.6 per cent on November 2023. This follows falls of 14.2 per cent in October, 17.2 per cent in September and 15.9 per cent in August.
“This is a disturbing trend which illustrates how cost of living pressures are impacting households.”
Weber adds the latest statistics show clear consumer preferences, with SUVs and light commercial vehicles making up the top 10 new vehicles sold while passenger vehicles fell to a monthly market share of 13.7 per cent.
November delivered another “disappointing result” for the sale of battery electric vehicles (BEVs) while hybrid and plug-in hybrid models accounted for 16.9 per cent of last month’s sales compared with 9.9 per cent a year ago.
“The Australian experience with EVs is similar to many major markets overseas such as Europe, New Zealand and the USA,” says Weber.
“Carmakers are responding to regulatory settings that mandate an increase in the number of zero-emission vehicles by introducing new products. However, consumers remain cautious about making the shift to pure EVs and instead are purchasing hybrid or plug-in hybrid vehicles.
“The industry will continue its part by introducing an increasing range of more affordable, low-emission vehicles while working alongside governments to address challenges such as recharging infrastructure, which is critical to building consumer confidence for the transition to low-emission vehicles.”
