Ford leads all other exporters for August scaling up operations with the Ranger to convincingly taking the title from Mercedes-Benz.
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Naamsa reported that there was a stutter in the good momentum experienced in the past several months for new vehicle sales data from August. The domestic new vehicle market signalled a decline of around 4.9% year to date but the export data is far more significant falling 34.3% from the same time last year. The domestic new vehicle market recorded total sales reaching 43 588 units, marking a drop of 2 266 units compared to the 45 854 vehicles sold in August 2023. Export sales saw a significant decrease of 14 658 units falling to 28 073 units from the 42 731 vehicles exported in the same month last year.
Top 5 exporters for August 2024
- Ford – 8 123 (up from 5 440)
- Mercedes-Benz – 7 600 (up from 7 400)
- BMW Group – 6 400 (up from 6 300)
- Volkswagen – 2 910 (down from 3 735)
- Toyota – 1 701 (down from 1 702)
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The export market continues to face hurdles, primarily due to weak economic activity in Europe, a key export destination. Although Eurozone inflation fell to 2.2% in August 2024, its lowest level in over three years, weak regional demand impacted vehicle exports. Interestingly, vehicle exports to the US have shown significant growth, increasing by 132% year-to-date compared to the same period in 2023. The easing of monetary policy in major export markets could contribute to more favourable export performance in the latter part of the year.
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