Rental market helps lift car sales in February
Domestic new-vehicle sales in February increased by 1.1% to 52 368 units, compared with the same month last year.
Statistics released by the Department of Trade and Industry show that new passenger car sales grew by 1.5% in February to 34 909 units.
The car rental industry accounted for 9.9% of new-car sales, notes the National Association of Automobile Manufacturers of South Africa (Naamsa).
Sales GrowthSales of new light commercial vehicles, bakkies and minibuses, at 15 139 units, grew 1.8%, while sales of medium trucks, at 768 units, dropped by 16.4%.
New heavy truck and bus sales posted a 3.5% decline to 1 553 units.
February, however, proved to be an excellent month for vehicle exports. The local automotive assembly industry moved 29 760 units to markets abroad – a 35.6% increase on February last year.
Naamsa expects exports for 2015 to improve by up to 20%, compared with last year, to a record of between 320 000 and 330 000 units for the year.
However, the domestic outlook for 2015 new-vehicle sales remains one of marginal growth.
ProjectionsNaamsa says this is largely based on projections of a slight improvement in South Africa’s economic growth rate to around 2%, relative stability in automotive sector industrial relations and moderating consumer price inflation, as well as steady interest rates and credit ratings.
“The key imponderable revolves around security and stability of electricity supply.”
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