New car sales on the road to recovery after September lift

New vehicle sales rose for a third consecutive month in September. Photo / 123rf

New vehicle registrations strengthened in September, pointing to signs of a recovery in the market after a challenging year.

Figures released by the Motor Industry Association (MIA) show there were 8590 new light passenger vehicle registrations last month, up 8% (868 units) from August.

It was the third consecutive month of improvement for the new vehicle market, which has faced considerable challenges in 2024, MIA said.

September’s sales reflected a 12.8% improvement over the average monthly result for the year to date.

But year-to-date registrations are down 16.1% (18,057 units) compared with the same period in 2023 and 23.5% lower than in 2022.

“The light passenger segment has struggled with reduced volumes and a significant shift in consumer demand motive power preferences,” MIA said.

“However, the data from September offers a promising indication of market stabilisation, primarily driven by robust rental vehicle registrations.

“September’s positive performance provides early signs of potential recovery, offering hope for a turnaround in the coming months.”

There were 3089 rental vehicle registrations in September, contributing to 35.8% of total rental sales year-to-date, MIA said.

EV boost

MIA’s figures show higher registrations for electric vehicles in September.

Last month 877 battery electric vehicles (BEVs) were sold, 417 plug-in hybrids (PHEVs), and 3300 hybrids (HEVs).

“Higher registrations of EVs in September suggests that the recent heavy discounting advertised by some brands to clear their surplus stock is finally starting to take effect, the market is now responding to the price changes and surplus EV stocks are shifting,” MIA chief executive Aimee Wiley said.

Wiley said sales of electric vehicles and plug-in hybrids had been hit hard this year.

“For context, year-to-date 2023 EV’s comprised 23.5% (18,951 units) of light passenger registrations. So far this year, EV registrations had plummeted and as of August year-to-date, EV registrations were sitting as low as 9.3% (4,872 units),” she said.

Toyota had the largest share of total sales in September (25.5%), followed by Ford (14.1%) and Mitsubishi (11.7%).

Top-selling vehicles in September

Light passenger models:

1. Toyota RAV4, 1172 units and 13.6% share
2. Toyota Yaris Cross, 384 units and 4.5% share
3. Mitsubishi ASX, 379 units and 4.4% share

Battery electric vehicles (BEVs):

1. Nissan Leaf (202 units)
2. Ford Mustang Mach-E (110 units)
3. Tesla Model Y (88 units)

Plug-in hybrid vehicles (PHEVs):

1. Mitsubishi Eclipse Cross (161 units)
2. Mitsubishi Outlander (41 units)
3. BYD Sealion 6 (34 units)

Hybrid vehicle (HEVs):

1. Toyota RAV4 (1172 units)
2. Toyota Yaris Cross (384 units)
3. Toyota Corolla (266 units)

Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports. He reports on topics including retail, small business, the workplace and macroeconomics.