MIA says July results mean new vehicle sales stabilising

The popular Kia Seltos moved into second spot with 342 units in the passenger segment. Photo: Kia

The Motor Industry Association reports 9430 vehicle registrations in July 2024, suggesting a stabilising trend within the industry.

Figures released today by the Motor Industry Association (MIA) showed a 21% overall decline compared to 2023 and a 23% drop from 2022.

The Light Passenger segment remains the hardest hit, down 29% YTD from 2023, highlighting broader economic challenges, according to the organisation.

But MIA Chief Executive, Aimee Wiley, commented, "The stabilisation in July reflects the resilience of the New Zealand automotive industry." 

The top three overall market leaders in July 2024 were Toyota, with an 18.6% market share  (1,758 units), followed by Ford with 11.4% (1,071 units), and Mitsubishi with 10.9% (1,025 units). 

The top-selling light passenger models were Toyota RAV4 at number one with 394 units and 6.2% share, Kia’s Seltos making an impressive move in the segment in second place with 342 units (5.4%) and allrounder Mitsubishi ASX in third with 311 units (4.9%).

Reflecting on the trend for 2024, the light commercial segment stole the show with Ford Ranger again in top place with 757 units (30.2%), rival Toyota Hilux in second spot with 589 units (23.5%) and the third-placed Mitsubishi Triton with 270 units (10.8%).