New vehicle registrations weaken in January 2023

Following a record year for new vehicle sales in 2022, the Motor Industry Association (MIA) reports that registrations have weakened in January 2023 due to a softening economy.

A total of 12,481 vehicles were registered last month which is approximately 7.4 per cent or 998 units down on the same month last year.

However, registrations of 9274 passenger cars and SUVs were up 3.9% (349 units) while the registrations of 3207 commercial vehicles were down by 29.6% (1347 units) on last January.

Electric vehicle registrations also softened compared to the last quarter of 2022 but hybrid and plug-in hybrid sales remained strong.

What were the top three models registered in January 2023?

The Toyota Hilux, Ford Ranger and the Mitsubishi Eclipse Cross were the top three models registered for the month.

Electric vehicle sales soften, hybrids remain strong

There were 1237 light and nine heavy electric vehicles registered in January with the top models being the BYD Atto 3 (235 units), the MG ZS (166 units) and the KIA EV6 (149 units).

Of the 495 PHEV’s registered in January, the most registered models were the Mitsubishi Eclipse Cross (227 units), the Ford Escape (57 units) and the Kia Niro (38 units).

Registrations of hybrids were strong as well with a total of 2075 vehicles being registered. The top models were the Toyota RAV4 (337 units), followed by the Toyota Yaris Cross (212) and the Toyota Corolla Cross (193 units).

Which brands led the market in January 2023?

Toyota retained the overall market lead in January with 20 per cent market share at 2529 units registered, while Kia came in second with 12 per cent (1506 units) and Mitsubishi with 10 per cent market share (1298 units).

SUVs continue to dominate

In terms of vehicle segments, compact SUVs secured the highest market share at 28 per cent in January while medium sized SUVs came in at 20 per cent. Utes and 4x4s were third with 15 per cent market share.