Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 15 July 2016

New motor sales at record high (closures)

New sales up in June

The ABS Sales of New Motor Vehicles figures for June 2016 show sales continuing to tracking at record high levels, with another 99,162 units sold in the month. 



In rolling annual terms total sales hit their highest ever level at just over 1.17 million.



An ever greater of new motor sales is captured by Sports Utility Vehicles (SUVs) at 37 per cent.



New South Wales continues to break records, with rolling annual sales up by more than 8 per cent over the past year to 393,201, more than offsetting the weakness in Western Australia. 



Production volumes are falling again, and will continue to fall with the closure of the Altona plant (Victoria) in 2017, while production is set to be cut further at Holden's Elizabeth plant in South Australia following the end of Cruze production (which also results in hundreds more job losses). 



Holden is also set to close its Port Melbourne plant forthwith, before moving to imports only.