May new-vehicle sales jump by 22%, exports continue to trend downwards
Total May new-vehicle sales, at 45 308 units, jumped by 22% compared with the same month last year, buoyed by a nixed value-added tax increase, a drop in interest rates and the tabling – finally – of the National Budget.
The new-passenger-car market gained 30% in May, to reach 31 741 units, shows statistics released by naamsa | The Automotive Business Council on Monday.
Car rental sales accounted for 8.5% of new-passenger-vehicle sales during the month of May.
Sales of new small trucks, bakkies, minibuses and panel vans – light commercial vehicles – gained a more modest 5.8%, to reach 10 938 units.
Sales of medium trucks, at 660 units, were up by 22.7%, while sales of heavy trucks and buses expanded by 6.7%, to 1 969 units.
Naamsa | The Automotive Business Council CEO Mikel Mabasa describes the South African Reserve Bank’s decision to lower interest rates in May as “both timely and commendable”.
“It directly supports consumer affordability and boosts production competitiveness
at a time when global uncertainty is weighing heavily on our export markets.”
Similar to April, the bad news was that new-vehicle export sales from South Africa retreated, this time by 14.6%, to 30 112 units, compared with the same month last year.
Vehicle exports for the year to-date are now only 1.4% ahead of the same period last year.
naamsa says the decrease could be attributed to a major vehicle manufacturer halting production from mid-April to mid-May to prepare for a new model introduction.
The automotive body warns, however, that the global market is becoming increasingly fragile in the face of rising protectionism.
“[This] highlights the importance of maintaining export competitiveness through policy alignment, market diversification and value-chain resilience.”
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