Our take on the latest Commercial registrations and activity (Mon 11 May 2020)
New light commercials down 93%pa
New medium commercials down 82%pa
New very heavy commercials down 70%pa
The key numbers...
- There was a total of 316 new commercial vehicles registered in April 2020, down 91% (or 3,369) from April 2019. This is the least number of registrations in a single month we have on record, the previous low was 666 in January 1999.
- Light commercial vehicle registrations fell the furthest, slumping 93%pa, followed by medium commercials, down 82%pa, and the very heavy commercials, down 70%pa.
- The annual running total of new commercial registrations peaked in April 2019. New commercial registrations are now 17% below that peak for the year ended April 2020.
- Road user charges for total heavy vehicles fell 54%pa in April, the biggest monthly decline on record.
Total new commercial registrations
Annual running total, source: NZTA
...and our reaction
- With registrations limited to essential vehicles during Level 4 lockdown, and only three working days at Level 3 during, April was the worst month on record for commercial vehicle registrations.
- Food exports have been relatively stable and will offer some support to heavier commercial vehicle registrations. However, this will be offset by falling construction activity and forestry volumes.
- Although April will almost certainly be the worst month this year, a weak economy, both domestically and internationally, is the real threat in the transport sector in the medium-term.
- If the Prime Minister announces at 4pm today that New Zealand will transition to Level 2 later this week, it will make selling vehicles easier and provide some relief for commercial vehicle dealers.
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