South African new vehicle sales declined by 30.3% to 40,395 units in August compared to the same month last year, the National Association of Automobile Manufacturers (NAAMSA) has said.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
New car sales in August reached 25,304 units, a decline of 32.9% on the same month last year.
NAAMSA said in a statement that for the rest of the year new vehicle sales were likely to remain under pressure as a result of the cumulative impact of interest rate rises, inflationary pressures, high levels of personal debt and lower economic activity levels.
However, it also said that existing vehicle export contracts would continue to lend support to domestic vehicle and component manufacturing activities.
During August the industry’s new vehicle exports maintained strong momentum with some 27,078 new vehicles exported – a gain of 73.8% on last year.
Vehicle exports for 2008 as a whole are projected by NAAMSA to reach 285 000 units.
