Tuesday, July 23, 2024

The New Zealand auto industry is facing a recession, but the Toyota RAV4 stands out

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The latest figures from the Automotive Industry Association (MIA) reveal that new car registrations in New Zealand have experienced a prolonged period of weakness. Despite a steady recovery from the impact in July, records were soft in October 2023, reflecting a 12.2% decline compared to the same month last year.

In October 2023, a total of 12,944 new passenger cars and commercial vehicles were registered, indicating sluggish demand in the market. This trend suggests that buying sentiments among consumers are somewhat muted, possibly affected by factors such as economic uncertainty and stringent government regulations.

Despite this overall slowdown, some models have managed to stand out as top picks among New Zealanders. Toyota RAV4 captured the attention of buyers with 1,103 units registered in October 2023. It was followed by Ford Ranger with 795 units and Toyota Hilux with 679 units. These vehicles have proven to be popular choices for their reliability, performance and versatility.

As the market leader in October 2023, Toyota cemented its position as the preferred brand among consumers. With a substantial 27.4% market share, Toyota dominated the segment, followed by Ford with a 10.8% share and Kia in third place with 8.7%. Toyota’s success can be attributed to its wide range of vehicles, which cater to various customer needs and preferences.

As the automotive industry continues to evolve, electric vehicles (EVs), plug-in hybrids and hybrids have entered the market. As of October 2023, the fully registered electric vehicles in New Zealand are the MG 4, BYD Atto 3 and Nissan Leaf. The plug-in hybrid segment was led by the Mitsubishi Outlander, followed by its younger sibling, the Eclipse Cross and the Kia Sorento. As for hybrids, the three most popular models on record come from Toyota: the RAV4, Corolla Cross and Yaris Cross.

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In terms of vehicle segments, mid-size SUVs emerged as the most popular choice among New Zealanders, capturing 29.5% of the market share in October 2023. Compact SUVs took second place with a 20.1% share, while the four-wheel drive and pickup truck segments took over. Third place with 11.8% share.

Despite the current slowdown in new car registrations, the industry remains resilient in adapting to changing consumer preferences and advanced vehicle technologies. With a wide range of models, manufacturers are constantly competing for consumer attention, trying to meet the needs of a dynamic and constantly growing market.

Frequently Asked Questions (FAQ)

What are the top three models in October 2023?

The top three models registered in October 2023 are the Toyota RAV4, Ford Ranger and Toyota Hilux.

Who led the market in October 2023?

Toyota led the market with 27.4% share in October 2023, followed by Ford and Kia.

How did EVs, plug-in hybrids and hybrids fare?

In October 2023, electric vehicles MG 4, BYD Atto 3 and Nissan Leaf were registered. The Mitsubishi Outlander, Eclipse Cross and Kia Sorento dominated the plug-in hybrid segment, with Toyota models being the top hybrid options.

Which is the most popular automotive segment in October 2023?

Mid-size SUVs were the most popular vehicle segment in October 2023, followed by compact SUVs and the four-wheel drive and pickup truck segments.

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