THE new vehicle market continues to reflect a healthy performance, but the pace of recovery has started to slow down.
Collective domestic new vehicle sales in September are at 47 786 units and reflected an increase of 4 639 units or 10,8%, from the 43 147 sold in the same month in 2021.
Export sales recorded a huge increase of 21 199 units or 104,6% to 41 474 units compared to the 20 275 exported last year.
Overall, out of the total reported industry sales of 47 786 vehicles, an estimated 39 152 units or 81,9% represented dealer sales, an estimated 14,2% sales to the vehicle rental industry, 2,3% sales to government and 1,6% to industry corporate fleets.
The September new passenger car market, at 32 392 units, has registered an increase of 2 855 cars or 9,7%, compared to the 29 537 new cars sold last year. The rental industry supported the new passenger car market during the month and accounted for 18,9% of sales.
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Domestic sales of new light commercial vehicles, bakkies and mini-buses, at 12 573 units, had recorded an increase of 1 632 units or 14,9% from the 10 941 light commercial vehicles sold.
The exports sales number, at 41 474 units, reflected a significant increase of 21 199 vehicles or 104,6% compared to the 20 275 exported last August.
For the year-to-date, vehicle exports were now 14,4% ahead of the corresponding period of 2021.
The new vehicle market’s resilient performance continued during the month, but at a slower pace. This as along with the sixth consecutive increase in interest rates since last November. September was, by far, the worst month of the year in terms of the cumulative amount of load-shedding.
The higher stages of load-shedding seemed to have an amplified the negative impact on production and the South African economy as a whole.
The South African Reserve Bank, at its September monetary policy committee meeting, noted that economic and financial conditions were expected to remain more volatile for the foreseeable future. It revised its economic growth outlook for 2022 lower as a result of load shedding and other weakening economic indicators.
