Data released by the National Association of Automobile Manufacturers of South Africa (NAAMSA) indicates that the South African vehicle market is slowing in line with forecasts. Total vehicle sales of 29,502 units for the month of May were just 2.1% ahead of the same month last year.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In the first five months of the year, new vehicle sales totalled 145,715 units – 2.4% down on the same period last year.
NAAMSA says that the market is holding up ‘reasonably well’ and that the May figures indicate ‘resilience in general economic activity’.
Toyota led the total vehicle market in May with a share of 24.4%.
New passenger car sales expanded by 3.9% in May to 19,075 units. In the first five months of the year passenger car sales totalled 95,493 units, 2.5% down on last year.
The South African car market is expected to decline in the second half of the year as the annual comparison will be against a fast running rate in the second half of last year. Car prices in South Africa are also expected to edge up further reflecting the lagged impact of rand depreciation.
Exports of South African produced motor vehicles continued to show a strong upward trend. Exports totalled 42,116 units in the first four months of 2002, 45.2% ahead the same period last year.
