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Reflecting on the new vehicle sales statistics, naamsa said that the ongoing downward slope in the new market since August 2023 underscored the constrained economic environment in the country, amplified by weak consumer and business demand. Aggregate domestic new vehicle sales in June 2024, at 40,072 units, reflected a further substantial decrease of 6,531 units, or a loss of 14,0%, from the 46,603 vehicles sold in June 2023.

Overall, out of the total reported industry sales of 40,072 vehicles, an estimated 33,039 units, or 82,5%, represented dealer sales, an estimated 11,0% represented sales to the vehicle rental industry, 3,6% to the government, and 2,9% to industry corporate fleets.

The June 2024 new passenger car market, at 26,928 units, registered a decrease of 2,671 cars, or a loss of 9,0%, compared to the 29,599 new cars sold in June 2023. Car rental sales accounted for a sound 14,2% of new passenger vehicle sales during the month.

Domestic sales of new light commercial vehicles, bakkies, and mini-buses, at 10,552 units during June 2024, decreased by 3,385 units, or 24.3%, from the 13,937 light commercial vehicles sold during June 2023.

Sales for medium and heavy truck segments of the industry also performed weaker for June 2024 at 531 units and 2,061 units, respectively, which is a decrease of 203 units, or 27,7%, from the 734 units sold in June 2023 in the case of medium commercial vehicles, and, in the case of heavy trucks and buses a decrease of 272 vehicles, or 11,7%, compared to the 2,333 units sold in the corresponding month last year.

The June 2024 export sales number at 28,306 units reflected an increase of 977 vehicles, or 3,6%, compared to the 27,329 vehicles exported in June 2023. For the half of 2024, exports were now 9,6% below the corresponding period of 2023.

Cumulative new vehicle sales for the first six months of the year were now tracking 7,6% below the corresponding period 2023, in line with industry expectations of a taxing first half of the year. However, the markets seem to have responded positively to the announcement of the new Cabinet and, along with a third month of no load-shedding, a further welcomed relief at the fuel pumps in July 2024, reducing inflationary pressure and likely lower interest rates to commence before year-end, brighter economic prospects for the second half of the year are steadily improving.