New vehicle sales in South Africa fell by 35.4% year-on-year in January to 30,503 units according to data released by the National Association of Automobile Manufacturers (NAAMSA).
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NAAMSA said that it was, ‘clear that all sectors of the South African automotive industry were experiencing an unprecedented and severe deterioration in operating conditions’.
The trade association also said that, ‘during 2009, market sentiment and automotive industry trading conditions would continue to be tested by the high interest rate environment, record high levels of household debt, volatile exchange rates and unpredictable international financial markets’.
January new car sales reached 20,601 units – some 32.3% down on the same month last year and NAAMSA said that it was the lowest January new car sales tally in eight years.
Exports – previously a bright spot for South Africa’s auto industry were also down in January at 10,713 units – some 7.2% off January 2008’s pace.
NAAMSA said that manufacturers’ projections suggested that overall industry export sales could decline by as much as 35% from last year’s record level of 284,211 vehicles.
