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Local and export vehicle sales slump
Steep prices and tight credit for vehicle finance continue to impact negatively on new vehicle sales with August sales down a whopping 26,2% over the corresponding month last year.
New vehicle sales statistics released by the National Association of Automobile Manufacturers of South Africa (NAAMSA) carries further bad news about export sales also continuing its downward curve.
Overall, out of a total NAAMSA reported industry sales of 29 667 vehicles, 76,5% or 22 701 units represented dealer/retail sales, 14,5% sales to the car rental industry, 5,3% sales to Government and 3,7% sales into auto industry corporate fleets.
New car sales at 18 789 units reflected a decline of 6509 units or 25,7% compared to the 25 298 new cars sold during August, 2008. Factoring in aggregate new car sales reported by the AMH/AAD Group, the year on year decline had amounted to 5994 units or a fall of 21,1%.
Low demand in export markets contributes to record decline in vehicle exports
Sales of NAAMSA new light commercial vehicles, bakkies and minibuses at 9411 units during August, 2009 reflected a decline of 2641 vehicles or 21,9% compared to the 12 052 units of the corresponding month last year. Taking account of the light commercial vehicle sales reported by the AMH /AAD Group, the year on year decline amounted to 2870 units or 22,3%.
With eight months of calendar 2009 accounted for, aggregate industry new vehicle sales at 258 542 units reflected a decline of 31,6% compared to the 378 103 vehicles sold during the corresponding eight months of last year.
Continuing low demand in South Africa's major export markets contributed to a record decline in the number of vehicles exported by the industry during August, 2009.
Aggregate export sales at 9030 vehicles reflected a decline of 18 053 vehicles or a fall of 66,7% compared to the 27 083 vehicles exported during August last year.
NAAMSA says an improvement in the automotive industry's domestic operating environment would depend on a revival in consumer spending on the back of a more favourable inflation outlook, lower interest rates and stimulatory government expenditure. Improvement in vehicle exports would depend on a recovery in global economic conditions and a return of confidence in international financial markets.
