Car and light commercial vehicle sales grew slightly despite economic challenges
02 March 2023 - 08:51The 45,352 domestic sales in February 2023 were 2.6% higher than the same month a year ago.South African new-vehicle sales saw a slight rise in February. The 45,352 domestic sales were 2.6% higher than the figure for the same month a year ago, according to figures released by Naamsa on March 1.
“First, it was budget month, which could have meant increased taxation and less take home pay, and second, there has been a significant amount of political upheaval during the February. In addition to these headwinds, the South African Reserve Bank increased the interest rate for the eighth consecutive month. Fortunately these burdens did not seem to slow down recent sales momentum.”
“The energy crisis and ongoing load-shedding will drastically impact consumer confidence as the year goes on, but the market has proven its resilience for the past three years and Nada believes there is still growth potential,” he commented.
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