South African new-vehicle sales are projected to grow by 2% in 2017 compared with 2016, while 2018 is expected to produce further “modest growth”, says the National Association of Automotive Manufacturers of South Africa (Naamsa).
The association of Friday released its third quarter review of business conditions in the local automotive industry.
New-vehicle sales are projected to increase from 558 200 units in 2017 to 572 00 units in 2018.
Naamsa said its projections were based on the assumptions of a stable macro economic environment; no further credit rating downgrades; no interest rate increases and further improvement in South Africa’s economic growth.
Naamsa also this week announced its new office bearers, with Toyota South Africa Motors (TSAM) CEO Andrew Kirby elected as the association’s new president, taking over from Nissan South Africa MD Mike Whitfield.