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New vehicle sales remain under pressure – June sales drop by 7.4%

New vehicle sales remain under pressure – June sales drop by 7.4%

The National Association of Automobile Manufacturers of South Africa released Namibia’s June vehicle sale statistics, showing showing a 7.4% decrease in new vehicle sales to 977, from the 1,055 vehicles sold in May.

This indicates that vehicle sales remain under pressure, with the year-to-date new vehicle sales in 2019 currently below 2011 levels, and the total new vehicle sales for the last 12 months down 5.7% from the same period in 2018.

In the month under review, a total of 599 new commercial vehicles were sold, representing a 10.3% increase, but a 9.7% year-on-year contraction while 378 new passenger vehicles were sold in June, declining by 26.2% and 18.0%year-on-year.

The statistics show Volkswagen narrowly leading the passenger vehicle sales segment with 31.5% of the segment sales year-to-date, while Toyota retained second place with 31.2% of the market share as at the end of June. Kia, Hyundai, Mercedes and Ford each command around 5.0% of the market in the passenger vehicles segment, leaving the remaining 18.2% of the market to other brands.

Furthermore, Toyota, with a strong market share of 59.5% year-to-date commanded the light commercial vehicles sales segment as Nissan remained in second position in the segment with 11.1% of the market, while Ford makes up third place with 8.4% of the year-to-date sales. Hino leads the medium commercial vehicle segment with 36.9% of sales year-to-date, while Scania was number one in the heavy- and extra-heavy commercial vehicle segment with 37.9% of the market share year-to-date.

“The prospects for new vehicle sales remain dim in the short- to medium-term as government remains committed to fiscal consolidation and the economy remains in a recession, putting pressure on demand and investment,” IJG Research explained.


 

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys

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