The Australian automotive industry has defied recent signs of a slow-down in economic growth, posting record sales for the month of November.

VFACTS figures released today by the Federal Chamber of Automotive Industry (FCAI) show that 84,335 new motor vehicles were sold last month – up 10.8 per cent on the previous record set in November last year.

Total market sales of 876,249 for the year to date are up 5.3 percent on 2003 and the industry is on target to hit its forecast new annual sales record of 960,000, compared to 909,811 last year.

“The November result was a remarkable performance by the industry and a notable contrast to the downturn in the housing market and some other recent economic indicators,” said the FCAI’s Chief Executive Peter Sturrock.

“The result can be attributed to healthy competition amongst the brands and the lure of numerous exciting new models released to the market in recent months,” he said.

Mr Sturrock said the new model effect could be seen in the sales of the prestige car segment, which is up 32.0 per cent for the year to date.

Other trends driving car market growth are the continuing boom in Sports Utility Vehicle sales, which are up 15.7 per cent year-to-date, and Light Trucks, which are up 12.1 percent.

Toyota extended its market leadership in November with 17,578 sales, ahead of Holden 15,710 and Ford 12,023.

Year-to-date Toyota now has 21.1 percent of the market, ahead of Holden on 18.7 percent and Ford on 14.0 percent.

Notable movers in the market this year have been Nissan, which took an 8.0 percent market share in November and is in a clear fourth position for the year-to-date with 6.6 percent of the market.

Hyundai’s market share has increased from 3.4 to 4.5 percent year to date, while Kia’s share has grown from 1.9 percent to 2.6 percent.

Mitsubishi had an encouraging result in November with a 6.3 percent share – the second month in a row sales have trended upwards.

“The automotive industry is powering on and with no sign sales will slacken between now and December 31, we’re in for our third successive record year,” said Peter Sturrock.