Johannesburg - South Africa’s new vehicle market continued its downward slide in August 2019, with total vehicle sales declining by 3.7 percent versus the same month last year, to total 46 077, according to Naamsa.
Although the overall market was down, it’s worth noting that sales of light commercial vehicles actually increased by 2.9 percent year-on-year, while the medium and heavies gained 14.9 percent and 21.4 percent respectively, but the passenger car market took a big beating, declining by 8.2 percent.
It was good news on the export front in August, with sales increasing by 22.1 percent versus the same month last year, to 34 297.
“The lowering of the interest rate by 25 basis points as well as relief from lower fuel prices during July offered some reprieve for financially strained consumers,” Naamsa said.
“The ABSA Purchasing Managers’ Index measured 52.1 index points in July 2019, the first reading above the neutral 50-point mark since December 2018, signalling an expansion in activity. The increase in all commercial vehicle segments therefore bodes well for the remainder of the year.