Although the South African new vehicle market has been on the road to recovery throughout 2021, July presented something of a giant speed bump.
Growth cycle likely to resume soon
Despite the speed bump encountered in July, industry experts believe that the market will quickly return to its growth curve. “Low interest rates, the return of adjusted Level 3 lockdown regulations, and some improvement to civil stability will provide a good basis for the industry’s determination to once again shine through,” said WesBank marketing head Lebogang Gaoaketse. However, he added that July had exposed the fragility of the market’s recovery.
Naamsa CEO Mikel Mabasa reaffirmed that gradual recovery in new vehicle sales would likely continue for the remainder of 2021, although he added that the civil unrest had left a big dent in South Africa’s economic recovery. “The devastating economic impact and unintended consequences of these actions not only caused a setback in the fight against the Covid-19 pandemic but could prolong the economic recovery process and also have a lasting impact on the country’s challenges of dealing with poverty, inequality, and unemployment,” Mabasa said.
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