Domestic new-vehicle market grows as exports take a nosedive
February new-vehicle sales, at 53 455 units, were up 11.4% compared with the same month last year, in the market’s best performance for a February since 2013.
naamsa | The Automotive Business Council says continued growth from last year signals “increasingly entrenched domestic economic stabilisation”.
The new-passenger-car market gained 11.3% to 37 576 while
new bakkies, minibuses, panel vans and small trucks increased by 11.9%, to 13 218 units.
Sales of medium trucks, at 720 units, exactly matched the number from February last year, while sales of heavy trucks and buses jumped by 13.6%, to 1 941 units.
The automotive sector’s export performance proved worrisome, however, as new-vehicle exports in February plummeted by 28.1%, to 24 221 units.
naamsa says exports were subject “to heightened protectionism across several of South Africa’s key export markets, while increasingly stringent decarbonisation requirements in destination markets continue to weigh on the competitiveness of South African vehicle exports”.
South Africa’s auto assemblers produced mostly internal combustion engine vehicles, rather than hybrids, plug-in hybrids or electric vehicles increasingly demanded in export markets.
Domestically, there were several positives supporting the new-vehicle market, but increased fuel, carbon and Road Accident Fund levies, as announced in February’s National Budget, as well as rising oil prices owing to the Iran–US/Israel war, would lead to higher fuel prices, which could impact consumer spending, warns naamsa.
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