Year-to-date, battery electric and plug-in hybrid passenger vehicles represented 28.5% of new registrations, more than double the 12.8% share at this point last year.
On track for new sales record
The figures put electric vehicle sales on track for a new annual high in market share.
EV sales surged to just over 20% of the market in 2023 at the height of the clean car discount, which offered a rebate of up to $8265 on a new EV, before halving in 2024 as the rebate was axed and road user charges were introduced.
Telsa leads the pack
Tesla’s well-reviewed, refreshed Model Y was again the top-selling EV. Elon Musk’s company recorded a bump in revenue worldwide in the June quarter, but investors were disappointed at a profit miss and delays to its robotaxi rollout and other projects, which meant its stock, down 26.5% for the year, continued to slump.
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Along with SpaceX’s dive from a post-IPO closing high of US$201.80 to a recent US$104.83, Musk has lost his world’s-first-trillionaire status and is now worth “only” US$690 million, according to Forbes’ real-time wealth tracker.
Zeekr, brought into New Zealand to bolster Giltrap Group’s expanding EV line-up, had the second best-selling model in July.
Commercial vehicle slump
“The July result reflects a resilient market, but with increasingly divergent performance across vehicle segments,” MIA chief executive Aimee Wiley said.
“Strong passenger vehicle registrations offset a significant decline in commercial vehicle registrations during the month.”
Light commercial registrations fell by 28.2% from a year ago and heavy commercial registrations were 20.9% lower.
EVs only have a marginal share in the heavier vehicle categories.
Wiley is cautiously optimistic about the overall market.
“The broader economic outlook is gradually improving, creating a more supportive foundation for new vehicle demand over time,” she said.
“Lower fuel cost pressures and a more moderate interest rate outlook are expected to improve affordability and support household purchasing and business investment.”
Top-selling pure EVs in NZ in July
Top-selling plug-in hybrids
Top-sellers overall
Source / MIA
Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.