Low emissions vehicles backfire on NZAI

Gambling on early implementation of the government's feebate scheme did not pay off for NZAI.

Thu, 27 Jan 2022

NZ Automotive Investment has warned shareholders to expect revenue to be lower after weak sales in December and January.The operator of 2 Cheap Cars said underlying net profit for the year ending in March will be between $2.3 million and $2.7m, down from $3.8m last year.Actual net profit will be $900,000 higher thanks to a one-off gain from rearranging its lease agreements.NZ Automotive Investment (NZAI) said having covid-19 in the Auckland region was reducing the number of sales rather than just delaying when they happen.“Management is n...

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