According to figures from the Motor Industry Association, the new car market is proving to be resilient despite the world turning to custard. It has reported that 13,337 new vehicles were registered in May. Of those, 10,575 were passenger cars and SUVs, up five per cent on the same period last year. Commercials were down almost 40 per cent however, with just 2762 registered. But still, the overall market is only lagging by 0.7 per cent year-to-date.
The MIA expects the market to continue to soften however as interest rates rise, along with the increasing cost of living and high gas prices. Not to mention a tanking housing market, builders going bust, and no end in sight to Russia’s special military operation.
Toyota managed to deliver a few vehicles in May, Hilux reclaiming the top spot with 942 registrations (which would see at least $2.5 million in CCD fees collected) with the RAV4 coming in second (923) and the Mitsubishi Outlander third with 824.
These two brands are duking it out for overall top seller status this year, Mitsubishi getting a solid lead in the early months, but Toyota has pegged it back some by leading the sales in May with a 23 per cent market share to Mitsubishi’s 14 per cent, while Kia was in third with 13 per cent.
However, year-to-date, Mitsubishi still leads with 17 per cent and Toyota is now 1000 units behind with a 15 per cent share, and Ford third with nine per cent.
In the EV realm, Hyundai landed 102 of its Ioniq 5s, Kia moved 80 EV6s and 77 Polestar 2s found homes. In all 617 EVs were sold, 762 PHEVs and 1663 petrol hybrid vehicles.
As mentioned, the commercial sector was subdued with Toyota claiming a 42 per cent share with its top selling Hilux coupled with 203 Hiaces sales. Only 388 Rangers were sold as Ford awaits the new model to arrive while Nissan only managed to move 121 Navaras and Mitsubishi just 114 Tritons.