EV Spotlight
New Battery Electric Vehicle (BEV) Sales (passenger cars only)
|
|
2023
|
2024
|
|
January
|
1,208
|
243
|
|
February
|
738
|
363
|
|
March
|
2,630
|
477
|
|
April
|
1,054
|
262
|
|
May
|
1,168
|
359
|
|
June
|
2,598
|
510
|
|
Total
|
9,396
|
2,214
|
YTD, 2024 EV numbers are down 72% on the same period last year but the small glimmer of hope is that numbers for June 2024 have risen to make up 12% of all vehicles registered for the month.
Q2 2024 is up 6% on Q1 2024. The increase in sales seem to be on the back of discounts from manufacturers, with certain brands stripping between $10,000 and $20,000 off the recommended retail to generate sales.
The June results are also influenced by Field Days discounts that were offered during the month.
Market share of BEVs and PHEVs has increased to 12%, with registrations higher in June for the Tesla Model 3, BYD Atto 3 and Dolphin, Hyundai Kona and IONIQ.
The added cost of Road User Charges (RUCs) and tricky economic outlook continues to create hurdles for potential buyers who will need to weigh up the economics of an EV versus other Light Emitting Vehicle (LEV) options, such as hybrid or smaller engine cars.
While New Zealand is slowing down in regards sales of Electric vehicles (EVs), worldwide sales are expected to soar to around 17 million units in 2024, marking another year of robust growth in the automotive sector, according to the latest Global EV Outlook from the International Energy Agency (IEA).
This forecast suggests that EVs will account for over one in five cars sold globally, illustrating their evolution into a mainstream product across a growing number of markets.
China Focus
So far in 2024, China’s automobile production and sales were 13.891 million and 14.047 million vehicles, up 4.9% and 6.1% year-on-year, respectively.
In particular, the sales growth rate of New Energy Vehicles was significantly higher than that of gasoline-powered vehicles: the production and sales were 4.929 million and 4.944 million units, up 30.1% and 32% year-on-year, respectively; NEVs hit 35.2% of the market share YTD in China.
EV Sales New Zealand and Market Share from May 2021-Current
Source: EV Market Stats 2024 (evdb.nz)
Cumulative number of fully electric vehicles in New Zealand
Source: EV Market Stats 2024 (evdb.nz)
New Car Sales
New car sales for the year to date are down 26% on the same period last year.
While last year was elevated slightly by changes to the Clean Car Discount scheme, the 2024 YTD new car registrations are down 25% against the average of the last three years new car registrations.
This market slowdown is hurting the network with Centrix recently announcing that dealerships and other auto retailers are 2.3 times more likely to be placed into liquidation than a typical New Zealand business.
They report that credit defaults for motor vehicle businesses were up 33%, against an average in the retail sector of 20%. June also saw another drop in the numbers of registered motor vehicle dealers, according to the Motor Vehicle Traders Register, to 2,852. This is the lowest number of registered motor vehicle dealers, ever.
Used Car Sales
Used passenger registration numbers are down 10% on 2023 and down 15% on the average of the last three years.
The Toyota Aqua, Toyota Prius and Mazda Axela are three bestselling used import vehicles. All these models offer a Hybrid powertrain option.
Used import sales are sitting at 52,125 units YTD, compared to 58,806 units for the same period last year.
This is closely matched with used import arrivals across our border, with 51,665 units YTD compared with 56,518 last year.
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