March records highest vehicle sale units of 1 451 since July 2016

Martin Endjala

According to a Simonis Storms Securities report on vehicle sales, the month of March recorded the highest sales of 1 451 vehicles units, marking the highest sales since July 2016, when 1,540 units were sold.
Out of the 1,451 units sold in March 2024, the report indicated that 1,269 were sold to dealerships, 182 to rental agencies, and none to the government. Vehicle sales were primarily driven by commercial vehicles.
While the first quarter of 2015 holds the record for the highest vehicle sales, the report indicates that the first quarter of 2024 outperformed any first quarter since 2016, with a total of 3,503 units sold, representing an 11.8 percent increase compared to the same period last year.
In March, a total of 826 commercial vehicles were sold, comprising 56.9 percent of total vehicle sales, marking the highest sales figure since August 2016.
The surge in sales is primarily attributed to light commercial vehicles, which experienced a remarkable 29.5 percent increase.
However, Medium commercial vehicles saw a decline, with only 20 units sold, representing a contraction of 13.0 percent. On the other hand, heavy commercial vehicles experienced positive growth of 280 percent, with 19 new units sold.
Extra heavy commercial vehicles, in contrast, contracted by 12.5 percent, while buses witnessed a significant decline of 66.7in March.
Passenger vehicles constituted 43.1 of total vehicle sold, and saw an increase in the same month, with 625 new units sold, the highest figure since July 2023.
This surge in passenger vehicle sales the report highlighted, indicates rising consumer confidence and suggests economic expansion, despite prevailing high interest rates and inflationary pressures, pointing to a sustained momentum in new vehicle sales.
Within the light commercial vehicle segment, the Toyota Hilux maintained its position as the most popular choice.
Meanwhile, in the medium commercial vehicle category, the Hino 300 series stood out, with the Hino 500 series led in heavy commercial vehicles.
Extra heavy commercial vehicles were dominated by the Man TGS, and the Scania Bus emerged as the preferred option among buses. For passenger vehicles, the Toyota Fortuner remained a top choice among consumers.
In contrast to Namibia, South Africa’s new vehicle market continued its downward trend for the 8th consecutive month, experiencing an 11.7 percent decrease in total sales to 44,235 units compared to the previous year.
The export market also suffered, with a 27.1 percent decline to 24,161 units. According to the National Association of Automobile Manufacturers of South Africa (Naamsa), the decline was attributed to a challenging business environment and weakened consumer demand, exacerbated by the Easter holidays resulting in fewer trading days.

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