HIDDEN: Australian cars, trucks and SUVs are selling at the fastest rate in the world, according to a new report by Australia’s most reputable auction house.
The report, which has been endorsed by the government, also found the value of vehicles from Australia’s biggest car maker, Holden, and Holden’s rival, Toyota, was on track to reach $1.5 trillion by 2021, almost doubling their value over the same period last year.
Holden’s car market has been particularly strong, with sales of 1.6 million vehicles in the first nine months of the year, according the latest data.
Holden is also selling more than 20,000 new cars a week, while Toyota has more than 10,000.
Auctions are also seeing record-breaking prices on some of the most expensive vehicles in Australian history, with the average price of a Holden Commodore V8 Commodore, the most powerful car in Australia’s history, hitting $6.2 million.
Toyota’s V6 and V8 Prius hybrid models are currently selling for more than $5 million each.
Other vehicles in Australia are selling for much more.
In contrast, the value for a Ford GT Falcon is only $1 million, according auctions.
For its part, Holden said its cars are on track for an “unprecedented” sales growth, with its market projected to reach over $5 trillion in 2021.
Its annual profit in 2021 is expected to exceed $100 billion, with revenue exceeding $20 billion for the first time, the company said.
“We expect our brand to be the most valuable brand in Australia in 2021,” the company’s CEO Mark Poston said.
“We are confident we can drive that growth in 2021 and beyond.”
A record amount of vehicles are now being sold globally, with our Holden Commodore and Holden Commodore Crossover vehicles in particular proving to be a strong contender for high-end buyers, particularly in China and Japan.
“Our sales of the Ford GT and Holden Fusion models are well ahead of our competitors, as well as our sales of our popular Commodore, Commodore XJ, and Fusion Hybrid.”
Toyotas car sales were also on track last year to surpass the total sales of Ford, which is now the world’s largest carmaker.
But Holden has not been as lucky.
After a year when its Commodore and Commodore Xj models sold for $1 billion and $4.6 billion, the new models were selling for less than $3.5 million.
Holden Commodore has sold for only $3 million, while the Commodore X J sold for just $1,000 in Australia.
Despite the fact Holden’s cars are selling better than Toyota’s, it is still selling cars at a price that is far less than its competitors.
Australia’s car and truck market is projected to grow to more than 200,000 vehicles this year, up from around 180,000 cars and 500,000 trucks last year, the report found.
With the price of Holden cars increasing at a rate of 5 per cent a year, Holden expects the market to reach at least 200,500 vehicles in 2021, up more than 40 per cent from today.
There is a shortage of vehicles for sale in Australia, with only two of the nation’s major car manufacturers making a profit in 2017.
While Holden is making a lot of money, its profits will be dwarfed by Toyota’s profits.
That has created an urgent need for the Government to step in.
It is now looking to the private sector to help tackle the problem.
Prime Minister Bill Shorten announced in September that Holden and Toyota would be buying back 100 per cent of the cars and tractors they were selling to the government.
However, it was only the beginning.
Under the current Government’s policy, only 10 per cent will be sold back, while Holden will have to sell up to 30 per cent more than Toyota to satisfy the government’s requirement.
Shorten said Holden was “on track” to return to profitability.
On Thursday, the Holden chief executive, Mark Posto, said the Government’s purchase of vehicles was “a big step forward” for the Australian economy.
He said Holden had been “on the front foot” since the election, “following the right policies”.
“The government’s focus now is to continue to build the capacity and deliver the jobs that will help our economy grow again,” Posto said.