March new-vehicle sales down 14% year-on-year
March domestic new-vehicle sales, at 47 631 units, fell by 14%, compared with the same month last year.
The National Association of Automobile Manufacturers of South Africa (Naamsa) says the proliferation of public holidays during the period, including Easter – last year during April – affected sales negatively.
Export sales of new vehicles declined by 18.5%, to 27 714 units, with Naamsa attributing this, in part, to the run-out of the Toyota Hilux model at the Japanese manufacturer’s Durban plant.
New-car sales, at 30 702 units, dropped by 13.4%.
March sales of new light commercial vehicles, bakkies and minibuses, at 14 507 units, declined by 14%, while sales of medium trucks, at 752 units, plummeted by 31.3%.
New heavy-truck and bus sales also showed a double-digit decline, dropping by 14.8% to 1 670 units.
Naamsa expects new-vehicle exports “to recover significantly” over the medium term, on the back of new-model Hilux exports into Africa as from April, with European markets to follow from the middle of the year.
“Export sales during the second half of 2016 are expected to show strong upward momentum, while vehicle
imports will probably continue to decline on the back of the projected lower domestic market.”
The outlook for the domestic market remains unfavourable, states Naamsa, owing to low economic growth prospects, the likelihood of double-digit new-vehicle price increases as a result of rand weakness and possible further interest rate hikes.
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