By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The Auto Magazine
  • Home
  • Auto Shows
    Auto ShowsShow More
    BMW and Alvaro Barrington celebrate hydrogen mobility at Art Basel in Basel 2025
    June 18, 2025
    MHB DEALER EXPO 2025 – A Premier Automotive Networking Experience
    June 17, 2025
    Entries Open for The Cape 1000 – South Africa’s Most Beautiful Drive Returns for 2026
    June 10, 2025
    Ulterio Motiv Toyota Land Cruiser 6×6 and 6×4 to invade Land Cruiser Festival
    June 3, 2025
    Maserati enthrals at FuoriConcorso with GT2 Stradale and MCXtrema
    May 14, 2025
  • Bikes
    BikesShow More
    Desmo450 MX: Production of the first Ducati Motocross bike begins
    May 28, 2025
    25YM Honda NC750X
    May 13, 2025
    BMW Motorrad presents the new BMW R 1300 RS
    May 2, 2025
    BMW Motorrad presents the new BMW R 1300 RT
    April 30, 2025
    Honda NC750X Named Winner in 2025 Red Dot Design Award
    April 10, 2025
  • News
    NewsShow More
    Porsche 963 cars raise 600,000 euros in Le Mans towards Racing for Charity
    June 20, 2025
    50 Years of BMW Art Cars and the BMW 3 Series at the BMW Museum
    June 20, 2025
    Ford Performance Returns to Pikes Peak with Electric Super Mustang Mach-E Demonstrator
    June 20, 2025
    Winners of ISUZU AI Innovation Challenge 2024 announced
    June 18, 2025
    Kia Tasman Blazes New Trail 
    June 18, 2025
  • Concepts
    ConceptsShow More
    TOYOTA GAZOO Racing unveils liquid hydrogen-fueled “GR LH2 Racing Concept” at Le Mans
    June 11, 2025
    FIAT unveils the manifesto Grande Panda 4×4
    May 20, 2025
    Renault 4 Savane 4×4 Concept makes its global debut at Roland-Garros 2025
    May 16, 2025
    Hyundai Motor and Plus Unveil Concept for Autonomous Hydrogen Freight Ecosystem at ACT Expo 202
    May 2, 2025
    Hyundai Motor Unveils the new IONIQ 6 and IONIQ 6 N Line
    April 5, 2025
  • Interviews
    InterviewsShow More
    24-hour race at Le Mans, the Nürburgring and Spa – triple marathon for Mercedes-AMG Motorsport
    June 10, 2025
    Kosmas “Dudie” Mamaloukos – The Formidable Racing Talent
    May 15, 2025
    Hi-Range Safari City
    Hi-Range Safari City – The Premier outfitter for 4×4 customization
    May 15, 2025
    BEHIND THE SCENES: ARCHIE RUTHERFORD ON WHAT IT TAKES TO BRING THE W2RC TO SOUTH AFRICA
    May 9, 2025
    Europe and China’s automotive future in a shifting global order
    May 5, 2025
  • EVs
    EVsShow More
    Polestar 3 OTA update introduces new Abbey Road Studios Mode exclusively for Bowers & Wilkins audio system
    June 18, 2025
    No Compromise Ford Ranger PHEV Brings Electric Power to Europe’s Best-Selling Pickup
    June 18, 2025
    Scania launches MCS rapid charging solution at EVS38
    June 18, 2025
    Ford Begins Capri and Explorer Battery Pack Assembly in Cologne
    June 17, 2025
    Special Envoy Launches XPress – SA’s First Full EV Courier Fleet
    June 11, 2025
  • Motosport
    MotosportShow More
    Commanding performance by Škoda at Rally Poland
    June 20, 2025
    Nissan Formula E Team ready for Jakarta return as Season 11 enters closing stages
    June 20, 2025
    Martin Prokop Becomes First Privateer for Ford Raptor T1+
    June 18, 2025
    The 2025 24 Hours of Le Mans in Numbers
    June 18, 2025
    Samantha Tan makes her debut in the MINI John Cooper Works at the Nürburgring
    June 18, 2025
  • Trucks & Buses
    Trucks & BusesShow More
    Scania launches MCS rapid charging solution at EVS38
    June 18, 2025
    Daimler Truck and Volvo Group launch Coretura
    June 17, 2025
    Volvo Trucks launches upgraded Volvo Dynamic Steering system to increase road safety
    June 17, 2025
    MAN starts series production of electric trucks
    June 17, 2025
    UD Trucks Southern Africa celebrates dealers breaking barriers at 2025 awards ceremony
    June 11, 2025
  • Reviews
    ReviewsShow More
    THE NEW HAVAL H6 SUV IS HERE, AND IT’S BUILT FOR BIG MOMENTS!
    June 18, 2025
    THE NEW PEUGEOT E-208 GTi MORE PLEASURE. MORE GTi THAN EVER!
    June 17, 2025
    New BMW XM options: maximum exclusivity and breathtaking performance.
    June 12, 2025
    The Audi Q5 e-hybrid: all-rounder with great electric range
    June 11, 2025
    Lotus introduces 2026 Emira V6 SE and Emira Turbo
    June 6, 2025
  • Tech
    TechShow More
    New Kia App provides European drivers with a unified digital experience
    June 17, 2025
    Abbey Road Studios Mode makes global debut in Volvo EX90
    June 17, 2025
    Audi develops the picking process of the future
    June 2, 2025
    Volvo EX90 LiDAR and smartphone cameras: What you need to know
    June 2, 2025
    VNC Automotive Partners with P3 to Enhance the SPARQ OS Platform
    May 29, 2025
Hot News
Commanding performance by Škoda at Rally Poland
Porsche 963 cars raise 600,000 euros in Le Mans towards Racing for Charity
Nissan Formula E Team ready for Jakarta return as Season 11 enters closing stages
50 Years of BMW Art Cars and the BMW 3 Series at the BMW Museum
Ford Performance Returns to Pikes Peak with Electric Super Mustang Mach-E Demonstrator
Latest News

Nissan unveils the Ariya NISMO in Japan

Latest News

Jeep Avenger Orders Reach 40,000 Units, Driving Up Brand’s B-SUV Share in Europe

Motosport

ALL-NEW FORD MUSTANG GT3 AND GT4 RACE CARS TO COMPETE AT DAYTONA

Motosport

Porsche customer teams celebrate an exceptional season with the 911 GT3 R

Font ResizerAa
The Auto MagazineThe Auto Magazine
  • Home
  • Auto Shows
  • Bikes
  • News
  • Concepts
  • Interviews
  • EVs
  • Motosport
  • Trucks & Buses
  • Reviews
  • Tech
Search
  • Home
  • Auto Shows
  • Bikes
  • News
  • Concepts
  • Interviews
  • EVs
  • Motosport
  • Trucks & Buses
  • Reviews
  • Tech
Follow US
Crafted by Intellegere Media. © 2024 The Auto Magazine. All rights reserved.
Latest News

naamsa RELEASES MARCH 2024 STATISTICS

NEW VEHICLE MARKET REMAINED CONSTRAINED

Itumeleng Garebatshabe
Last updated: April 3, 2024 12:13
By Itumeleng Garebatshabe
426 Views
5 Min Read
Share
5 Min Read
SHARE

naamsa says the constrained business environment amplified by weak consumer demand and the recent Easter holidays have impacted on the new vehicle market’s performance in March 2024. Aggregate domestic new vehicle sales in March 2024, at 44,237 units, reflected a decline of 5,877 units, or a fall of 11,7%, from the 50,114 vehicles sold in March 2023.

Export sales recorded a decline of 8,975 units, or 27,1%, to 24,161 units in March 2024 compared to the 33,136 vehicles exported in March 2023.

- Advertisement -
Ad image

Overall, out of the total reported industry sales of 44,237 vehicles, an estimated 39,016 units, or 88,2%, represented dealer sales, an estimated 6,0% represented sales to the vehicle rental industry, 3,5% to government, and 2,3% to industry corporate fleets.

The March 2024 new passenger car market at 26,577 units had registered a decline of 5,024 cars, or a loss of 15,9%, compared to the 31,601 new cars sold in March 2023. Car rental sales accounted for 7,8% of new passenger vehicles sales during the month.

Domestic sales of new light commercial vehicles, bakkies and mini-buses at 14,870 units during March 2024 had recorded a decline of 672 units, or a loss of 4,3%, from the 15,542 light commercial vehicles sold during March 2023.

Sales for medium and heavy truck segments of the industry reflected a weak performance for March 2024 at 726 units and 2,064 units, respectively, which is a decline of 136 units, or 15,8% from the 862 units sold in March 2023 in the case of medium commercial vehicles, and, in the case of heavy trucks and buses a decline of 45 vehicles, or 2,1%, compared to the 2,109 units sold in the corresponding month last year.

The March 2024 exports sales number at 24,161 units reflected a decline of 8,975 vehicles, or 27,1%, compared to the 33,136 vehicles exported in March 2023. For the first quarter 2024 exports were now 4,9% below the corresponding quarter 2023.

The new vehicle market continued its downward slope in March 2024, which already commenced eight months ago. For the first quarter 2024 aggregate new vehicle sales were now 5,3% below the corresponding quarter in 2023. The effect of the South African Reserve Bank’s aggressive monetary policy stance by hiking interest rates in an attempt to contain inflation took some time to filter through to new vehicle sales, which continue to add to the prevailing negative sentiment. Due to ongoing cost pressures, including escalating fuel costs, along with interest rates, affordability remains a decisive factor in purchasing decisions as consumers increasingly turn to more budget-friendly vehicles. South Africa’s economic growth outlook for 2024 remains mooted, but at a projected 1,2% by the SA Reserve Bank it would still be stronger than 2023. Only once the interest cutting cycle commences, likely during the second half of the year, along with the easing of inflation, better economic prospects are expected for the new vehicle market. This is underscored by the Absa Purchasing Managers’ Index (PMI) which reflected a further improvement in sentiment towards business in six months’ time, which rose to its most upbeat level since the start of 2023.

Vehicle exports reflected a mixed performance during the first quarter of 2024 following the record annual performance in 2023. Prospects for the balance of the year remain upbeat on the back of new model introductions by major exporters while the global economic cycle is expected to bottom out in the first half of 2024. Lower inflation, central bank easing and modest global economic growth are therefore expected to support the South African automotive industry’s export performance.

TAGGED:naamsaSouth Africavehicle sales

Sign Up For Daily Newsletter

Stay Updated! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp LinkedIn VKontakte Telegram Email Copy Link Print
Share
ByItumeleng Garebatshabe
Editor
Follow:
Itumeleng is the Managing Editor of The Auto Magazine. He is a tech and car enthusiast

Follow US

FacebookLike
XFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow
TelegramFollow
Google NewsFollow
LinkedInFollow
- Advertisement -
Ad imageAd image

You Might Also Like

Latest News

Toyota Motor North America Reports U.S. June and First Half 2024 Sales Results

By Itumeleng Garebatshabe
July 2, 2024
Auto Shows

Stunt legend Didi Bizzarro to take on two-wheel SA record challenge at Supertech Torque Festival

By Itumeleng Garebatshabe
April 17, 2025
Latest News

Honda Production, Sales and Export Results for April, 2025

By Itumeleng Garebatshabe
May 29, 2025
Latest News

Ford Africa celebrates its partners

By Itumeleng Garebatshabe
April 3, 2024
Auto Shows

Entries Open for The Cape 1000 – South Africa’s Most Beautiful Drive Returns for 2026

By Itumeleng Garebatshabe
June 10, 2025
Latest News

Stellantis Reports Strong Q1 2024 Growth in the European Total and Electrified Markets

By Itumeleng Garebatshabe
April 9, 2024

The Auto Magazine

  • Advertise
  • About Us
  • Contact
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
  • Bikes
  • Electric Vehicles
  • Trucks & Buses
  • Auto Shows
  • Latest News
  • Motosport

Made by Intellegere Media. All rights reserved. 2023

Don't not sell my personal information
Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc.

Zero spam, Unsubscribe at any time.
adbanner