Record Sales: July 2024 saw a record 99,486 new vehicle sales, up 2.7% from July 2023, which was the previous highest July on record.
Sales Breakdown: The rise was driven by a 13.7% increase in business sector sales and a 37.5% increase in government sector sales. However, private sales declined by 4.2%.
Hybrid and EV Growth: Hybrid vehicle sales surged by 88.4%, and plug-in hybrid vehicles by 128.9% compared to July 2023. Battery electric vehicles (BEVs) held 6.6% of the market, slightly down from 7.0% in 2023.
Top Sellers: Toyota led the market with 22,705 sales. The Toyota RAV4 (mostly hybrids) was the top-selling vehicle with 5,933 units sold.
Regional Performance: Queensland and Western Australia saw significant growth in sales (up 6.2% and 8.9%, respectively), while Victoria and Tasmania saw declines (down 1.6% and 12.0%, respectively).
Lowest Sales in Over a Decade: July 2024 had just 9,430 new vehicle registrations, the lowest since July 2012, barring July 2023, which had an artificial dip.
Year-to-Date Decline: Overall vehicle sales are down 21% in 2024, with light passenger vehicles hit hardest, dropping 29%.
EV Sales Decline: EV sales have flatlined due to the elimination of the Clean Car Discount and the introduction of Road User Charges. Battery electric vehicles made up only 6% of July sales.
Top Sellers: The Ford Ranger was the best-selling light commercial vehicle with 757 units. The top-selling BEVs were the BYD Atto 3 (59 units) and Tesla Model Y (56 units).
Policy Adjustments: The New Zealand government adjusted the Clean Car Standard to align with Australia's CO2 emission targets, aiming to reduce vehicle costs.
Market Health: Australia's vehicle market is thriving despite economic challenges, setting new records, while New Zealand's market struggles, with sales at their lowest in over a decade.
EV and Hybrid Trends: Both countries are seeing a shift toward electrified vehicles. Australia's hybrid and plug-in hybrid sales are booming, while New Zealand's EV sales have stalled, impacted by policy changes.
Top Performers: Toyota dominates the Australian market, with hybrids leading the charge, while in New Zealand, light commercial vehicles like the Ford Ranger are the bright spot amidst a broader market decline.
Acknowledgements: The summary incorporates insights and statistics from article by Chris Keall, Auckland Herald Business Team, and Sam Street Editor, Paint and Panel Magazine Australia.
