South Africa’s appetite for new cars continued to grow in November with sales registering their 11th consecutive month of year-on-year growth.
Local sales last month reached 49,413 units, an 18.2% increase over the 41,795 new vehicles sold in November 2021. Export sales recorded an increase of 13,479 units, or 64.7%.
New cars made up 32,859 of domestic sales, a 16.9% gain over the same month last year, while bakkies and light commercials sold 13,477 units for a 20.8% increase.
The new-vehicle market continued its resilient performance during November 2022 despite myriad negative economic pressures, including rising interest rates, a drastic increase in load-shedding, high fuel prices, a weak economy and ongoing stock supply shortages, according to industry body the National Association of Automobile Manufacturers of South Africa (Naamsa).
This included the SA Reserve Bank raising the interest rate by 75 basis points during the month to its highest level since 2016.
Year to date, 334,010 new vehicles have been sold, representing a 19.6% gain over January-November 2021.
“The new vehicle market continued to outperform expectations and with only one month to go in the year it is running 13.6% ahead of the corresponding period 2022,” said Mikel Mabasa, Naamsa’s CEO.
The recovery in business and leisure travel provided some support to the new-vehicle market to counter the growing pressures on household incomes. GDP growth in South Africa continues to be adjusted downwards and is now expected to be at 1.1% for 2023.
Toyota was again South Africa’s most popular brand with 13,903 units last month, more than double the sales of its nearest competitor. Volkswagen was the second-most popular brand (6,406) ahead of Suzuki (4,287), Nissan (3,167), Hyundai (3,002), Ford (2,347), Haval (2,220), Isuzu (2,027), Kia (1,892), Renault (1,801), Chery (1,502), Mahindra (1,010), Mercedes-Benz (958) and BMW (760).