Immigration, strong economy fuel record New Zealand vehicle sales

High immigration and strong economic growth fuelled record new car sales in New Zealand last month, the Motor Industry Association (MIA) said Friday.

Registrations of 11,785 new vehicles were up 14.3 percent year on year to make it the strongest February on record, MIA Chief Executive Officer David Crawford said in a statement.

“Registration data for February shows growth in the new vehicle sector continues as expected,” said Crawford.

“As the 2017 year progresses, market conditions remain unchanged from 2016, with record net immigration, low cost of debt and a strong economy.”

Passenger car sales of 8,052 were up 12 percent year on year, while commercial vehicle sales were up 19.6 percent to 3,733.

Toyota was the overall market leader with 15 percent market share, followed by Ford with 11 percent and Holden with 9 percent. Enditem

Source: Xinhua/NewsGhana.com.gh