Local vehicle sales drop by 1.1 % in April
The National Association of Automobile Manufacturers South Africa released Namibia’s new vehicle sales numbers for April, showing a 1.1% decrease to 926 units, following an increase of 24.6% to 936 units in March.
The biggest drop materialized under the light commercial vehicles category that dropped by 15.5% in April 2019 to 408 units compared to 483 units in March 2019. On the other hand, passenger vehicles (which is 50.1% of overall vehicles) rose by 10% to 464 units in April 2019 compared to 422 units in March 2019.
However, on an annual basis, vehicle sales surprised to the upside recording an increase of 14.9% to 926 units, breaking through a four-month contraction. Simonis Storms Securities attribute this decrease to the uptick to a low-based year as the volumes remain stubbornly below the 10-year average of 1 200 units.
Meanwhile, South Africa’s vehicle sales for April increased by 266 units to 36 794 units, which could have been spurred by the election that took place on the 8 May.