VACC Senior Research Analyst, Steve Bletsos breaks down the latest statistics from the Federal Chamber of Automotive Industries. Here's what you need to know...
National Scene
- New vehicles sales have continued their downward trend, with 94,383 new vehicles recorded as being delivered in May 2022, a decrease of 6,426 vehicles or -6.4% over May 2021. Year to date, new vehicle sales are down by 18,920 vehicles or -4.1% compared to last year
- Sales were down in all states and territories in May 2022, except for the Northern Territory which recorded record growth of 2.4% for the month. The largest decline in sales was recorded by QLD (-11.3%), followed by ACT (-11.0%), WA (-9.1%), SA (-8.2%), TAS (-6.8%), NSW (-6.3%) and VIC (-0.8%)
- Heavy commercial vehicles continued their growth trend and were the only market segment that grew in May 2022 (up 8.8%). Passenger vehicles, SUVs and light commercials all fell by 14.7%, 4% and 7.1% respectively
- The Australian new vehicle market continues to struggle with supply chain disruptions, stock shortages, uncertain shipping arrivals and cost increases as a result of the on-going effects of the pandemic, war in the Ukraine, and other factors. Its is difficult to foresee any improvement in market conditions for the industry this year.
Sales by Vehicle Category and Fuel Type
- There were 925 electric vehicles sold in May in 2022, of which 153 were Polestar’s and only 12 were Tesla cars. Delivery delays for new Tesla orders are now reported to be between nine to 12 months.
- Plug-in-hybrid vehicles recorded a significant jump from 245 vehicles in May last year to 695 in May this year. Sales of conventional hybrids also rose by 782 vehicles or 11% over the same period, while sales of petrol and diesel vehicles were 14.1% and 2.1% lower respectively.
The most notable sales performers in May 2022 consisted of the following:
- Suzuki Baleno – 939 sales in May 2022, up 206.9% from May 2021
- Toyota Corolla – 3,310 sales, up 51.1%
- Kia Stinger – 428 sales, up 162.6%
- Honda CR-V – 861 sales, up 49.2%
- Subaru BRZ – 84 sales, up 211.1%.
In terms of brand performance:
- For the first time since going to an agency sales model in July last year and after suffering many months of heavy losses, Honda recorded a slight increase in sales of 1.4% in May 2022, led by the Honda CR-V
- Following on from the recent Australian Grand Prix, Aston Martin, Ferrari, and McLaren all witnessed increased sales in May this year: Aston Martin sold 10 coupe/convertibles in May 2022, compared to three in May last year; Ferrari sold 14 coupe/convertibles in May this year compared to nine last year; McLaren sold eight coupe/convertibles in May this year compared to seven last year.
Overall, Toyota led the market with a total of 22,813 vehicles sold. Kia was next with 7,307 followed by Hyundai (7,063), Mazda (6,474), and Mitsubishi (6,086).
Toyota Hi-Lux was the highest-selling model with 5,178. Toyota’s RAV4 was next with 3,925, followed by Ford’s Ranger (3,751); Toyota Corolla (3,310); and Toyota Landcruiser (2,667).
Economic Trends
Despite low unemployment, consumers are facing significant headwinds going into the second half of the year. Interest rates are on the rise and are forecast to be around one per cent higher by the end of the year. Inflation is also rising, currently at 5.1 per cent and is expected to reach 5.9 per cent by the end of the year, driven by rising fuel, energy and rent costs. These cost-of-living pressures are likely to dampen consumer demand moving forward and may result in a greater number of cancellations of orders for new vehicles by consumers.
Data source: Federal Chamber of Automotive Industries.
Statistics will be discussed on the upcoming episode of THE GRILLE, a new automotive industry podcast hosted by Greg Rust, Shane Jacobson and VACC CEO, Geoff Gwilym. Out Friday 10 June! Visit: thegrillepodcast.com.au