February new-vehicle sales inch up 2.6%, exports drop by 11.5%
Domestic new-vehicle sales in February increased by 2.6%, to 45 352 units, compared with the same month last year, says Naamsa | The Automotive Business Council.
Year-to-date sales are up 4.3%.
The new-passenger-car market gained 1.1%, to reach 29 976 units.
Sales of new bakkies, vans and taxis increased by 5.5%, to 12 972 units.
Medium-heavy truck sales dropped by 15.8%, reaching 435 units, while extra-heavy-truck and bus sales jumped by 4.9%, to 1 244 units.
February new-vehicle exports from South Africa declined sharply by 11.5%, to 30 409 units.
National Automobile Dealers’ Association (NADA) chairperson Mark Dommisse describes the Februry sales numbers as “reassuring news in an environment that seemed set to put vehicle sales into reverse gear”.
“Firstly it was Budget month, which could have meant increased taxation and less take-home pay, and, secondly, there has been a significant amount of political upheaval during 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.
“It is quite difficult to predict how the 2023 new vehicle market will play out, as there are so many factors influencing spending patterns of consumers and businesses,” adds Dommisse.
“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.”
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