Yet another negative month for new-vehicle sales
New-vehicle sales declined by 3.8% in January, to 41 636 units, compared with the same month last year.
This continued the decline in new-vehicle sales witnessed in the last five months of 2023.
New-passenger-car sales in January dropped by 6.7%, to 28 790 units, compared with January last year.
Sales of bakkies, small trucks, vans and minibuses provided some cheer, increasing by 2.3%, to 10 871 units.
Medium-truck sales also expanded, growing by 13.3%, to 520 units, with heavy-truck and bus sales increasing by 7.9%, to 1 455 units, as South Africa’s rail transport woes continue.
New-vehicle exports saw a decline of 2.1%, to 20 242 units.
“The lingering effects of cost-of-living increases, dampened consumer and business confidence, combined with the country’s port challenges, as well as persistent loadshedding, continue to undermine the new-vehicle market’s recovery path,” says Naamsa | The Automotive Business Council CEO Mikel Mabasa.
“Following a record export performance in 2023, vehicle exports slightly declined year-on-year in January,” he adds.
“Several global externalities remain, creating an uncertain backdrop for the year ahead, including sluggish global growth, a bullish inflationary environment and increased geo-political tensions.
“The global economy is expected to remain weak in 2024, but inflation is easing and interest rate cuts in major markets may be on the cards in the second half of the year, which could support the South African automotive industry’s export performance,” notes Mabasa.
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