New-vehicle sales, exports surge – but compared with a weak July 2021
Domestic new-vehicle sales in July surged by 30.9%, to 43 593 units, compared with the same month last year.
Naamsa | The Automotive Business Council warns, however, that last month’s performance was distorted by the cyberattack on Transnet, as well as widespread riots in parts of the country in July last year.
The car rental industry accounted for 10.4% of new-vehicles sales in July, and government 1%.
The new-passenger-car market reached 31 455 units – a 50.2% jump on the same month last year.
Sales of new small trucks, bakkies, vans and minibuses dropped by 6.9%, to 9 547 units.
July medium-truck sales moved up by 33%, to 790 units, while heavy-truck and bus sales expanded by 18.3%, to 1 801.
New-vehicle exports increased by a massive 177.7% in July, to 31 242 units, compared with the same month last year.
Year-to-date vehicle exports from South Africa are now 2.5% ahead of the figure for the same period last year.
“Although further new locally manufactured model introductions are expected to boost vehicle exports for the balance of the year, global economic growth prospects have been revised downwards,” warns Naamsa.
“A key driver in this decline is the much weaker growth prospects for Europe, which is the South African automotive industry’s largest export region.”
Although the domestic market’s new-vehicle performance for the year-to-date is still 13.9% ahead of the corresponding period last year, Naamsa believes rising inflation and continued interest rate hikes will dampen consumer and business confidence and, subsequently, new-vehicle sales.
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