Motoring

Here are March’s top 5 best-performing passenger brands

The latest vehicle sales figures released by Naamsa provide insight into the current state of South Africa’s automotive industry.

The local automotive industry has been facing a multitude of challenges, including interest rate hikes, energy shortages, and slowing global and domestic growth, all of which have contributed to the modest performance of new vehicle sales and export sales.

The new passenger car market for March, which saw 31 631 units sold, experienced a decline of 6.4% compared to the same period in the previous year. However, the light commercial vehicle market fared better, with 15 529 units sold in March 2023, an increase of 11.1% from March 2022.

Despite the challenges faced by the industry, Toyota maintained its position as the top-performing passenger car brand with 12 974 units sold in March. The Volkswagen Group SA followed with 6 074 units sold, while Suzuki Auto, Hyundai Automotive South Africa, and Nissan rounded out the top five with 3 734, 3 010, and 3 012 units sold, respectively.

The National Shutdown on March 20, combined with the effects of interest rate hikes and the Human Rights Day holiday, further impacted the industry, with many dealers opting to close shop and vehicle manufacturers in hotspot metros halting production. However, the industry remains optimistic about its performance, with the National Association of Automobile Manufacturers of South Africa (Naamsa) forecasting growth of 6.3% in domestic sales and 8.3% in export sales for 2023.

Despite the challenges that lie ahead, the automotive industry in South Africa continues to be a significant contributor to the country’s economy, providing employment opportunities and driving economic growth. The industry remains resilient and adaptable, and with continued support, it is poised to overcome the challenges it faces and continue to thrive.

Read the original story on CAR Magazine.

 
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