New vehicle sales rose for the second consecutive month and possibly signalled the start of a long awaited upward trend in the market, according to motor industry body Naamsa.
There were 48,585 new cars, bakkies and trucks sold in South Africa last month, reflecting an 8.1% increase over November 2023. However, it was a mixed bag with passenger cars performing well while workhorses endured another slow month.
Passenger cars sold 35,101 units in November for a 20% gain over the same month last year, with car rental sales accounting for one fifth of those.
Light commercial vehicles, bakkies and minibuses dropped 16.3% to 10,827 units, while the medium and heavy truck segments respectively dropped 9.2% and 0.5%.
Robust new passenger car sales once again stood out as a shining beacon in a new vehicle market reflecting a mixed performance during November 2024, said Naamsa CEO Mikel Mabasa.
“With sound seasonal sales to the vehicle rental industry and five consecutive months of lower consumer inflation, a second interest rate cut of 25 basis points by the South African Reserve Bank during the month sparked positive sentiment. Further interest rate cuts in the new year would support vehicle affordability across all the segments.”
These were South Africa’s top-selling car brands in November
New car sales continue to climb but bakkies had another slow month
Image: Supplied
New vehicle sales rose for the second consecutive month and possibly signalled the start of a long awaited upward trend in the market, according to motor industry body Naamsa.
There were 48,585 new cars, bakkies and trucks sold in South Africa last month, reflecting an 8.1% increase over November 2023. However, it was a mixed bag with passenger cars performing well while workhorses endured another slow month.
Passenger cars sold 35,101 units in November for a 20% gain over the same month last year, with car rental sales accounting for one fifth of those.
Light commercial vehicles, bakkies and minibuses dropped 16.3% to 10,827 units, while the medium and heavy truck segments respectively dropped 9.2% and 0.5%.
Robust new passenger car sales once again stood out as a shining beacon in a new vehicle market reflecting a mixed performance during November 2024, said Naamsa CEO Mikel Mabasa.
“With sound seasonal sales to the vehicle rental industry and five consecutive months of lower consumer inflation, a second interest rate cut of 25 basis points by the South African Reserve Bank during the month sparked positive sentiment. Further interest rate cuts in the new year would support vehicle affordability across all the segments.”
WeBuyCars moves focus to trucks and vans
He said in view of the stronger year-end performance, year-to-date new vehicles sales were now only 3.5% below the corresponding period of 2023, but were unlikely to return to pre-pandemic levels with one month of sales remaining.
Export sales decreased by 28.6% to 30,431 units last month compared with the 42,641 vehicles exported in November 2023.
Toyota maintained its market leadership in November.
READ MORE:
Stellantis CEO Tavares abruptly quits as US Jeep, Ram sales falter
October SA new-car sales have their best month in five years
SA car industry going through one of its biggest disruptions, says Toyota boss Andrew Kirby
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos