705 new vehicles sold in January
A total of 705 vehicles were sold in Namibia during the month of January 2022, compared to 734 sold in the prior month and 693 sold a year ago, according to the National Association of Automobile Manufacturers South Africa.
Vehicle sales increased marginally by 1.7% y/y and decreased by 4% m/m in January 2022. The annual increase was mainly driven by increased purchases of heavy commercial and
Theo Klein, an Economist at Simonis Storm Securities said on average, 1 196 new vehicles were sold each month before the pandemic, compared to a monthly average of 736 new vehicles sold post-pandemic.
“After seeing a sharp V-shape recovery in vehicle sales during April to May 2020, vehicle sales remained elevated at the new norm, ranging between 600 and 800 vehicles sold monthly,” Klein said.
Currently, Klein adds, vehicle sales are below their 6-month moving average and is likely to remain there due to reasons mentioned later.
“The top five brands by market share recovered fairly well, with Toyota and Volkswagen leading the post-pandemic recover,” he added.