The local and export vehicle market delivered a mixed bag of results with sales in comparison to the same time in 2023, but the outlook is not so bleak going forward due to more favourable economic conditions and exchange rates. Here is who topped the sales charts in June.
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Reflecting on recent vehicle sales, the Automotive Business Council (Naamsa) noted a continued decline since August 2023, highlighting the challenging economic environment. Domestic new vehicle sales in June 2024 dropped to 40 072 units, a significant decrease of 6 531 units (14%) from June 2023. On the bright side, export sales increased by 977 units (3.6%) to 28 306 units compared with the previous year. The month’s industry sales are comprised of dealers sales at 82.5%, vehicle rental industry at 11%, government sales at 3.6% and corporate fleets at 2.9%.
Related: Top 10 Best-Selling Automotive Brands Locally – May 2024
In more detail, the new passenger car market saw a decline, with 26 928 units sold in June, down by 2 671 units (9%) from June 2023. Light commercial vehicles, including bakkies and mini-buses, recorded a decrease of 3 385 units (24.3%) compared with the previous year.
Medium and heavy truck sales also dropped, with 531 units and 2 061 units sold respectively, representing significant declines. Despite the overall dip in sales, the market responded positively to the new Cabinet announcement. Additionally, the absence of load-shedding for three months, lower fuel prices in July, and anticipated lower interest rates later in the year are expected to improve economic prospects for the second half of 2024.
Top 10 best selling brands in June
- Toyota – 9 743
- Volkswagen Group SA – 5 514
- Suzuki Auto – 4 279
- Ford Motor Company – 2 404
- Hyundai Automotive South Africa – 2 367
- Isuzu Motors South Africa – 2 157
- Nissan – 1 905
- Chery Auto South Africa – 1 653
- GWM SA – 1 307
- BMW Group – 1 104
Related: Top 5 Exporters – March 2024
The status quo remains up top, with Toyota comfortably leading the charge just shy of 10 000 monthly units. Volkswagen, following a brief stint in the third spot, has reclaimed the first runner-up position with Suzuki still comfortably in third. Nissan saw a monthly sales increase and now outranks its Chinese rivals, while the BMW Group has made the top 10 cut for the first time in several months.
In terms of future prospects, the seventh presidential administration has a unique opportunity to implement structural reforms and revive the economy. Key to this is Operation Vulindlela, which has already made significant strides, such as opening up the electricity market and fostering better business-government relations.
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