New vehicle sales fall 6.9% year on year in a continuing downward trend
by Staff Writer,
2016-02-01 16:35:54.0
NEW-VEHICLE sales continued their downward slide last month. Compared to January 2015, car sales fell 6.1% and total vehicles 6.9%, continuing the trend that has seen the local market decline for the past two years.
Car sales in January totalled 34,936, down from 37,208, while combined sales of cars, light commercials, trucks and buses fell from 52,228 to 48,615.
The National Association of Automobile Manufacturers of SA (Naamsa) said on Monday they reflected a further expected downturn for 2016 as a whole. Director Nico Vermeulen said: "In light of poor economic growth prospects, with gross domestic product growth estimated at 0.5% at best and given the likelihood of well above inflation new-vehicle price increases, as well as prospects of further interest rate hikes, the outlook for 2016 in terms of vehicle sales has deteriorated and been reviewed downwards."
Naamsa predicted the full-year 2016 car market would fall 9% from last year’s level, to about 375,000 units. Sales of new commercial vehicles were expected to be slightly better, with declines of 3%-5%.
Picture: THE HERALD
NEW-VEHICLE sales continued their downward slide last month. Compared to January 2015, car sales fell 6.1% and total vehicles 6.9%, continuing the trend that has seen the local market decline for the past two years.
Car sales in January totalled 34,936, down from 37,208, while combined sales of cars, light commercials, trucks and buses fell from 52,228 to 48,615.
The National Association of Automobile Manufacturers of SA (Naamsa) said on Monday they reflected a further expected downturn for 2016 as a whole. Director Nico Vermeulen said: "In light of poor economic growth prospects, with gross domestic product growth estimated at 0.5% at best and given the likelihood of well above inflation new-vehicle price increases, as well as prospects of further interest rate hikes, the outlook for 2016 in terms of vehicle sales has deteriorated and been reviewed downwards."
Naamsa predicted the full-year 2016 car market would fall 9% from last year’s level, to about 375,000 units. Sales of new commercial vehicles were expected to be slightly better, with declines of 3%-5%.
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