Toyota has once more convincingly topped the sales charts for September in what has been described as a market of slowing demand. Here is who made it into the top 10 and how many new vehicle sales were listed.
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Despite ongoing challenges such as high inflation and interest rates, South Africa’s automotive industry remains optimistic for a recovery in new vehicle sales by year-end. Naamsa CEO Mikel Mabasa echoed this, stating that 2024 was predicted to have a tough start but expected improvements in the second half. Economic hurdles, including a weaker Rand, rising fuel prices, and vehicle affordability issues, persisted, contributing to a 6% drop in new vehicle sales and a 3% decline in imports compared to last year.
Related: Top 10 Best-Selling Automotive Brands Locally – May 2024
September 2024 saw a 4.1% decline in new vehicle sales, with 44 081 units sold, down from 45 970 in 2023. Exports also took a hit, dropping 38.1% to 21 964 units. The slowing demand for older vehicle models and tightening environmental regulations in key export markets like Europe are partially responsible for this downturn. However, the domestic market showed some bright spots: sales of new passenger cars rose slightly by 2% compared to the same period in 2023, largely boosted by the rental market, which accounted for 28% of passenger vehicle sales in September.
Top 10 Best Selling Brands for September 2024
- Toyota – 10 890
- Volkswagen Group SA – 5 885
- Suzuki Auto – 5 023
- Hyundai Automotive South Africa – 2 841
- Ford Motor Company – 2 823
- Isuzu Motors South Africa – 1 960
- GWM SA – 1 740
- Chery Auto South Africa – 1 614
- Renault – 1 426
- Nissan – 1 425
Positive signs emerged in September with the first interest rate cut in four years and inflation dipping below the mid-point of the Reserve Bank’s target range, offering relief to consumers. Lower fuel prices and a stronger Rand also contributed to improved consumer confidence. These economic shifts are fueling expectations for further interest rate reductions, which could enhance affordability and stimulate vehicle sales moving forward.
Related: Top 5 Exporters – March 2024
While vehicle exports to Europe have slowed, exports to the US surged by 132% year-to-date, providing some optimism for the remainder of the year. With the Government of National Unity’s focus on infrastructure development, there is hope that the automotive sector will benefit from these efforts as well.
