October new-vehicle sales up 11.4%; exports jump by 16.1%
Domestic new-vehicle sales in October increased by 11.4%, to 45 966 units, compared with the same month last year.
The new-passenger-car market reached 30 597 units in October – a 10.4% jump on the same month last year.
The car rental industry accounted for 17.4% of car sales, as the leisure industry continued to gear up for the summer holidays.
Sales of new bakkies, vans and minibus taxis expanded by 14.3%, to 12 738 units.
October medium-truck sales grew by 29.9%, reaching 769 units, while heavy-truck and bus sales increased by 3.7%, to 1 862 units.
New-vehicle exports soared by 16.1%, to 29 508 units.
Year-to-date vehicle export numbers are now 14.4% ahead of the corresponding period last year.
Naamsa | The Automotive Business Council notes that exports continued their upward momentum during October, despite the disruptions caused by the Transnet port strike.
“Despite weaker global demand, due to major advanced economies around the world entering a new era of persistent and structurally higher inflation, vehicle exports remain on track to reach a level of well over 300 000 units.”
Naamsa adds that October’s new-vehicle market performance comes despite “tough economic pressures”.
“Growth prospects for the balance of the year remain constrained as higher interest rates and, consequently, higher debt servicing costs, weigh on disposable income.”
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