Iran conflict eases but New Zealand electric vehicle sales continue to boom

Year-to-date, battery electric and plug-in hybrid passenger vehicles represented 28.5% of new registrations, more than double the 12.8% share at this point last year.

On track for new sales record

The figures put electric vehicle sales on track for a new annual high in market share.

EV sales surged to just over 20% of the market in 2023 at the height of the clean car discount, which offered a rebate of up to $8265 on a new EV, before halving in 2024 as the rebate was axed and road user charges were introduced.

Telsa leads the pack

Tesla’s well-reviewed, refreshed Model Y was again the top-selling EV. Elon Musk’s company recorded a bump in revenue worldwide in the June quarter, but investors were disappointed at a profit miss and delays to its robotaxi rollout and other projects, which meant its stock, down 26.5% for the year, continued to slump.

Along with SpaceX’s dive from a post-IPO closing high of US$201.80 (about $344) to a recent US$104.83, Musk has lost his world’s-first-trillionaire status and is now worth “only” US$690 million, according to Forbes’ real-time wealth tracker.

Zeekr, brought into New Zealand to bolster Giltrap Group’s expanding EV line-up, had the second best-selling model in July.

Commercial vehicle slump

“The July result reflects a resilient market, but with increasingly divergent performance across vehicle segments,” MIA chief executive Aimee Wiley said.

“Strong passenger vehicle registrations offset a significant decline in commercial vehicle registrations during the month.”

Light commercial registrations fell by 28.2% from a year ago and heavy commercial registrations were 20.9% lower.

EVs only have a marginal share in the heavier vehicle categories.

Wiley is cautiously optimistic about the overall market.

“The broader economic outlook is gradually improving, creating a more supportive foundation for new vehicle demand over time,” she said.

“Lower fuel cost pressures and a more moderate interest rate outlook are expected to improve affordability and support household purchasing and business investment.”

Top-selling pure EVs in NZ in July

Tesla Model Y: 403Zeekr 7X: 151BYD Atto 3: 131Geely EX5: 111BYD Sealion 7: 99

Top-selling plug-in hybrids

Toyota RAV4: 515GWM Haval H6: 105BYD Sealion 6: 131BYD Sealion 8: 93BYD Sealion 5: 49

Top-sellers overall

Ford Ranger: 738 (July 2025: 837)Toyota RAV4: 699 (600)Toyota Hilux: 608 (868)Tesla Model Y: 403 (103)Mitsubishi Triton: 335 (276)

Source / MIA

Chris Keall is an Auckland-based member of the Herald’s business team. He joined the Herald in 2018 and is the technology editor and a senior business writer.