Market shows ‘resilience’
Registrations of new vehicles last month point to a stabilising market rather than a rebound, according to the Motor Industry Association (MIA).
There were 14,240 units sold in October, which was up by 13.5 per cent on the same month of 2024 and marked the fourth consecutive month of year-on-year growth.
“The result points to a market showing cautious resilience in the face of continued headwinds,” says Aimee Wiley, the MIA’s chief executive.
“While economic conditions remain tight and overall sentiment cautious, easing finance costs, resilient rural demand, and sustained growth in hybrid and plug-in hybrid [PHEV] sales suggest the new-vehicle sector is gradually regaining balance after an extended period of softness.”
Passenger vehicles led last month’s market with 10,712 registrations, up 12.9 per cent on October 2024. Hybrids remained dominant – with 4,669 registrations, up from 3,922 in September and 3,347 a year earlier – “as buyers focus on fuel efficiency and running costs in a cautious spending environment”. The top four were all Toyotas led by the RAV4.
In the low-emissions car segment, PHEVs rose to 503 units, up from 389 in September and 345 in October 2024. The best-selling model was the GWM Haval H6, pictured above, on 59 units. Second spot went to Jaecoo’s J7 with 47. Chery’s Tiggo 7 and Tiggo 8 were joint third with 46.
Conversely, battery electric models dropped to 507 registrations, down from 608 in September and 648 a year earlier. Tesla’s Model Y topped the ladder with 79 units. It was followed by the BYD Atto 3 on 39 and Kia’s EV3 with 34.
Light commercials totalled 2,918, down slightly from 3,078 in September but 22.8 per cent higher than October last year. Heavy commercials recorded 610 registrations, which was below 685 a year ago. This reflected continued softness in construction and freight activity.
Data published by Infometrics shows the economy remains subdued, although the pace of decline is easing. GDP fell by 0.8 per cent in the year to June, consumer spending dropped 1.7 per cent and employment declined 1.5 per cent to push unemployment to five per cent.
“The Reserve Bank’s October cut to 2.5 per cent has provided some relief, but conditions remain uneven across sectors,” says Wiley. Stronger primary export returns continue to offset weakness in construction, manufacturing and urban consumption.
She adds recent trends reflect steady but fragile progress across the new-vehicle sector. “The past four months have shown pleasing and sustained improvement, but the overall economy remains subdued and the market fragile.
“Conditions are still tight with households under pressure and confidence only beginning to recover. The modest lift in registrations signals stabilisation rather than expansion – a gradual firming as the market starts to find its feet.”
