Naamsa reports that persistent economic strain on businesses and consumers is continuing to negatively impact the motor industry.
The persisting economic strain on businesses and consumers continued to impact directly on new vehicle sales as aggregate domestic new vehicle sales continued to decline.
This is despite Car rental sales accounted for a sound 18.3% or 5,468 units of the new passenger vehicle sales. The total reported industry sales of 45,445 vehicles comprising dealer sales, rental industry sales, and sales to government and industry corporate fleets. The breakdown of these four segments is as follows:Exports sales number at 40,302 units reflected a substantial increase of 11,411 vehicles, or 39,5%, compared to the 28,891 vehicles exported in October 2022. However, this is compared to the number of vehicles exported during the month of the mass Transnet strike.
“The country’s weak economic growth rate, although still marginally positive, remains a key challenge for the new vehicle market going forward in view of the close correlation between new vehicle sales and the GDP growth rate,” said Naamsa.
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