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Only 50 new vehicles sold in April – NAAMSA

Only 50 new vehicles sold in April – NAAMSA

According to data provided by the National Association of Automobile Manufacturers of South Africa, only a total of 50 new vehicles were sold in April in Namibia, representing a 93.4% contraction from the 759 vehicles sold in March this year.

New vehicle sales have been under pressure in recent years as domestic economic conditions have generally been tough and the lockdowns of first the Khomas and Erongo regions earlier in March, followed by the lockdown of the entire country, has brought vehicle sales to a complete standstill in the last two months.

Only 9 new passenger vehicles were sold during April, representing a contraction of 97.2% from the 318 passenger vehicles sold in March, while a total of 41 new commercial vehicles were sold in April, representing a decrease of 90.7% and 39 Light commercial vehicles, 2 medium commercial vehicles, and no heavy and extra heavy commercial vehicles were sold during the month.

IJG Research analysis shows that it is likely for vehicle sales to go higher in the coming months than in April, however, it is unlikely that it will return to the levels seen in recent months and years.

“Both business and consumer confidence are extremely low at the moment as a result of the impact of the lockdowns. It is unlikely that many businesses and consumers will be in a financial position to purchase new vehicles for the rest of the year,” IJG Researchers said in a note.

Toyota was one of three manufacturers managing to sell passenger vehicles during April and continues to lead the market in terms of year-to-date market share of new passenger vehicles sold.

Toyota claimed 31.3% of the market, followed closely by Volkswagen with 28.7% of the market. They were followed by Kia and Hyundai with 7.2% and 5.7% of the market respectively, while the rest of the passenger vehicle market was shared by several other competitors.


Caption: Year-to-date, 2,279 vehicles have been sold of which 965 were passenger vehicles, 1,149 light commercial vehicles, and 165 medium and heavy commercial vehicles. (Source: IJG Research)


 

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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