New car sales in Australia have experienced a downturn for the second month in a row, marking the longest streak of negative performance in over two years. Despite this decline, hybrid vehicle sales are thriving, led by the popular Toyota RAV4.
- Sales Figures: In September 2024, new motor vehicle deliveries totaled 99,881, reflecting a 9.8% decrease compared to September 2023. This decline follows a record-setting year-to-date performance earlier in the year.
- Market Trends: After an impressive 14-month growth streak, the market is now projected to decline by approximately 5% to 10% by the end of 2024. The year-to-date increase has slipped to just 4.1%, with last year's record of 1.2 million vehicles unlikely to be surpassed.
- Top-Selling Models: The Toyota RAV4 continues to dominate the sales charts, with 5,183 units sold in September, while the Ford Ranger and Toyota HiLux follow closely behind. The top ten sales list features only utes and SUVs, with no traditional passenger cars included.
- Hybrid and Electric Sales: While overall new car sales have dipped, hybrid vehicle sales surged by 34%, indicating a growing consumer preference for more fuel-efficient options. Conversely, electric vehicle sales fell by 27%, largely due to a slump in Tesla's performance.
- Brand Performance: Toyota remains the top-selling brand with 18,110 deliveries, despite a 13.4% drop from the previous year. Ford and Mazda follow as the second and third best-selling brands, respectively.
The decline in new car sales for September 2024 signals a shift in the Australian automotive market after a prolonged period of growth. While hybrid vehicles are experiencing a boom, electric vehicle sales face challenges. As the year progresses, industry experts will be closely monitoring these trends to assess their impact on future sales and consumer preferences.
