November vehicle sales offer mixed results but bakkie sales improve significantly
After taking another blow in October, new vehicle sales grew strongly in November, mostly on the back of bakkie sales.
IJG Securities, in their latest assessment of vehicle sales, stated “A total of 1185 new vehicles were sold in November, representing a 30.9% month on month increase from the 905 vehicles sold in October, and a 17.3% year on year increase from the 1010 new vehicles sold in November 2017.”
Year-to-date 11,143 vehicles have been sold of which 4755 were passenger vehicles, 5765 light commercial vehicles, and 623 medium and heavy commercial vehicles.
Despite the significant year on year increase, vehicle sales were still down almost 10% on a twelve-month cumulative basis. Year to date sales of passenger vehicle are also down.
“Year-to-date passenger vehicle sales amounted to 4,755, down 7.7% compared to the number of new passenger vehicles sold by November last year. The rolling 12-month vehicles sales figures continue to reflect weakness in the number of passenger vehicles sold, declining 8.1% y/y as at November 2018,” stated IJG.
Commercial vehicles have performed substantially better, contributing most to the monthly and yearly improvement.
“791 new commercial vehicles were sold in November, representing a 56.3% month on month and 29.2% year on year increase. 716 light commercial vehicles, 20 medium commercial vehicles, and 55 heavy commercial vehicles were sold during the month.”
On a year-on-year basis, light commercial sales rose by 33.1%, medium commercial sales decreased 20% and heavy and extra heavy sales rose by 12.2%. But on a twelve-month cumulative basis, light commercial vehicle sales dropped 12.4% while medium commercial vehicle sales rose 1.7% and heavy commercial vehicle sales rose 1.9%.
“Toyota continues to lead the market for new passenger vehicle sales in 2018 based on the number of new vehicles sold, claiming 33.8% of the market, followed by Volkswagen with a 28.6% share. They were followed by Hyundai and Kia at 5.7% and 4.9%, while the rest of the passenger vehicle market was shared by several other competitors.”
Toyota is the undisputed leader in bakkie sales, claiming more than 56% market share with Nissan second at just under 20%. Ford had to be satisfied with an 8% market share and Isuzu just under 5%.