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August 2023 New Vehicle Registrations Remain Soft At 9,808 Units

Motor Industry Association Chief Executive Aimee Wiley says that new vehicle registrations remain soft in August at 9,808 units. The August result is 33.2% lower than August 2022, 28.7% lower than the monthly average for 2022 and 22.4% lower than the average of the eight months of 2023. Year to date 2023 registrations are 6.3% lower (6,774 units) compared to 2022 registrations.

August’s result is likely caused by several contributing factors: First, continuation of market rebalancing from June’s record month, where savvy purchasers effectively pulled forward registrations to maximise Clean Car Discount (CCD) benefits prior to 1 July rate card changes.

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.

Key points

Top 3 overall market leaders in August 2023 are: Toyota with 24.9% market share (2,442 units), followed by Ford with 14.7% (1444 units) and Kia with 8.2% (803 units).

August registrations breakdown: Light Passenger 6,982, Light Commercial 2,083 and Heavy Commercial 743.

Total Industry by motive power for the month of August: 907 BEVs, 780 PHEVs, 2,417 Hybrids and 5,704 ICE vehicles.

The top three light passenger vehicles for the month were Toyota RAV 4 (773 units), Mitsubishi Outlander (321 units), and Mitsubishi Eclipse Cross (233 units).

The top three light commercial vehicles for the month were Ford Ranger (842 units), Toyota Hilux (465 units) and Mitsubishi Triton (153 units).

The top 3 segments in August were SUV Medium (27.3%), followed by SUV Compact (18.6%) and 4x4 Pick Up/Chassis Cab (14.2%).

Light Passenger Vehicles (including SUVs)

Registrations

Passenger registrations of 6,982 are 36.2% lower than August 2022. On a year-to-date basis, passenger vehicles are down 4% (2,980 units) compared to the same period in 2022.

Segment leaders

Toyota retained the market lead for Passenger and SUV registrations in August with 24.8% market share (1,734 units) followed by Kia with 11.5% (803 units) and Mitsubishi with 9.2% market share 645 units).

Top selling models

The top 3 for the month were the were Toyota RAV 4 (773 units), Mitsubishi Outlander (321 units), and Mitsubishi Eclipse Cross (233 units).

Motive Power

BEVs: 863 units, the top models were the BYD Atto 3 (131 units), MG 4 (96 units) followed by a tie between the MG ZS and Tesla Model Y (72 units each). BEV’s comprised 12.4% of the light passenger segment in August.

PHEVs: 780 units, the top 3 models were Mitsubishi Outlander (261 units), followed by Mitsubishi Eclipse Cross (144 units) and the Kia Sorrento (131 units). PHEVs comprised 11.2% of the light passenger segment in August.

HEVs (Hybrids): 2,417 units, the top 3 models were Toyota RAV4 (760 units), followed by the Toyota Highlander (182 units) and the Toyota Corolla (172 units). HEVs comprised 34.6% of the light passenger segment in August.

ICE: 2,922 units, comprising 41.9% of the light passenger segment in August.

Segmentation – what consumers are buying

The top three spots were the SUV medium segment (27.3% share), followed by the SUV compact segment (18.6% share) and SUV large segment (9.9%). The small to medium segments comprised 58% of the total market.

Light & Heavy Commercial Vehicles

Registrations

Commercial registrations of 2,826 are 24.6% lower than August 2022 (924 units). On a year-to-date basis registrations are 11.7% down (3,795 units) compared to the same period in 2022.

Segment leaders

Ford took the market lead with 32% market share (912 units) followed by Toyota with 25% (708 units) and Mitsubishi third with 5% market share (153 units).

Top selling models

The top three models for the month of August were the Ford Ranger (842 units), followed by Toyota Hilux (465 units), and Mitsubishi Triton 153 units).

Motive Power

Light Commercial BEVs: 20 units in August, 198 units year-to-date. Heavy Commercial BEVs: 24 units in August, 91 units year-to-date.

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