SA's vehicle sales down 3.1% y/y
South African vehicle sales declined 3.1% to 51‚814 units in February from the similar period a year earlier‚ according to the latest figures from the National Automobile Association of SA (Naamsa)‚ which warned of tough times for the domestic market this year.
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New passenger car sales fell 5.4% to 34‚414 units in the review period‚ with new vehicle exports dropping 19.4% to 21‚819 units from a year-earlier period.
Domestic sales of new light commercial vehicles‚ bakkies and mini buses edged up 0.9% to 14‚879‚ the data showed. Sales of medium commercial vehicles declined 2.2% to 910 units while heavy trucks and buses were up 14.7% to 1‚611 units.
"Following four successive years of growth in domestic new vehicle sales‚ prospects for 2014 would be affected by subdued economic growth‚ above average new vehicle price increases as a result of exchange rate weakness and upward pressure on interest rates‚" the association said‚ warning of flat or even modest declines in vehicle sales this year.