New vehicle sales decrease by 7.5% in July
A total of 904 new vehicles were sold in Namibia for the month of July 2019, representing a 7.5% decrease from the 977 vehicles sold in June 2019, statistics by the National Association of Automobile Manufacturers of South Africa indicate.
About 382 New passenger vehicles were sold in July, increasing by 1.1%, while a new commercial vehicles recorded a contraction of 12.9% to 522 units. Year-to-date, a total of 6,227 vehicles have been sold of which 2,854 were passenger vehicles, 2,969 were light commercial vehicles, and 404 were medium and heavy commercial vehicles.
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 7.5% from the same period in 2018, IJG Research analysts affirm that vehicle sales remain under pressure.
“The prospects for new vehicle sales remain dim in the short- to medium-term as government remains committed to fiscal consolidation. Business and consumer confidence remain depressed as a result of the of the recessionary environment we find ourselves in,” IJG stressed.
Caption: Toyota once again leads the passenger vehicle sales segment with 30.9% of the segment sales year-to-date. Volkswagen dropped to second place by this measure with 30.6% of the market-share as at the end of July. Kia, Hyundai, Mercedes and Ford each command around 5.0% of the market in the passenger vehicles segment, leaving the remaining 18.9% of the market to other brands.