New-vehicle market ‘soft’
The Motor Industry Association (MIA) says registrations of new vehicles remain soft after coming in at 9,908 units in August.
The result was 33.2 per cent lower than the same month a year ago, 28.7 per cent below the monthly average for 2022, and 22.4 per cent lower than the average for the first eight months of this year.
Year-to-date registrations for 2023 are also down by 6.3 per cent, or 6,774 units, compared with the same stage of 2022.
Aimee Wiley, pictured, chief executive of the MIA, says August’s result has likely been caused by a number of contributing factors.
“First, continuation of market rebalancing from June’s record month, where savvy purchasers effectively pulled forward registrations to maximise clean car discount benefits prior to July 1 rate card changes,” she explains.
“Second, current tougher economic conditions: higher interest rates, tighter lending and continued high inflation impacting the cost of living and the willingness or ability to purchase.
“Third, hesitation or reluctance to purchase pre-election, particularly with transport policy changes hinging upon the election result.”
As for new-vehicle sales by motive power last month, 863 were battery electric vehicles (BEVs), 780 were plug-in hybrids (PHEVs), 2,417 were hybrids and 2,922 had internal-combustion engines (ICEs).
The 863 BEVs registered in the light passenger segment amounted to 12.4 per cent of the monthly market. The top models were the BYD Atto 3 on 131, the MG 4 with 96 and the MG ZS and Tesla’s Model Y tied on 72 units each.
Last month saw 780 PHEVs registered – 11.2 per cent of August’s light passenger market. The top three models were the Mitsubishi Outlander on 261 units, Mitsubishi Eclipse Cross with 144 and Kia’s Sorrento on 131.
As for hybrids, 2,417 were sold last month and comprised 34.6 per cent of the light passenger segment. Toyota’s RAV4 topped the ladder with 760 units. Next up were the marque’s Highlander on 182 and its Corolla with 172.
Light passenger vehicles, including SUVs, came in at 6,982 last month – down by 36.2 per cent on August 2022. On a year-to-date basis, they are down four per cent and 2,980 units compared with the same period in 2022.
When it came to commercial registrations last month, the total of 2,826 was 24.6 per cent lower than August 2022’s total of 3,750. On a year-to-date basis, sales are 11.7 per cent down – and by 3,795 units – when compared to the same period last year.
As for motive power, there were 20 light commercial BEVs sold in August to make the year-to-date total 198. In addition, 24 heavy commercial BEVs were registered to bring 2023’s total to 91.
Last month’s top three marques overall were Toyota with a 24.9 per cent share of the market and 2,442 units. It was followed by Ford with 14.7 per cent and 1,444 units, and Kia with 8.2 per cent and 803.
The top three segments in July were medium-sized SUVs on 27.3 per cent, compact SUVs with 18.6 and 4x4 pick-up/chassis cabs on 14.2 per cent.
