Shrinking 'car wallet' bad news for industry

19 July 2020 - 00:09 By HILARY JOFFE

The economy may be reopening but SA's motor industry is expected to take a long time to recover, with job losses and pay cuts slashing consumers' "car wallets" while the prolonged travel shutdown has severely reduced demand for rental cars.

BofA Securities warned this week that SA was seeing significant loss of capacity in the automotive industry, which accounts for 7% of GDP and 30% of manufactured output. It employs 457,000 people directly and indirectly...

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day, Financial Mail or Rand Daily Mail websites? Sign in with the same details.

Questions or problems? Email or call 0860 52 52 00.