S. Africa Vehicle Sales Decline At Slower Pace In October

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South African vehicle sales decreased 16.9% year-on-year in October, compared with a 22.4% fall in the previous month, a report from the National Association of Automobile Manufacturers of South Africa or NAAMSA said on Tuesday.

New vehicle sales dropped 6,422 to 31,622 units in October from 38,044 units sold during the corresponding month last year. In September, new vehicle sales were 31,726 units.

The new car sales decreased 9.7% on an annual basis to 20,836 units in October, compared to the 23,075 new cars sold in a year ago.

At the same time, sales for new light commercial vehicles, bakkies and minibuses declined 25.6% to 9.204 units from 12,375 units sold last year.

Export sales for vehicles dipped 25.4% year-on-year to 20,948 vehicles in October, after falling 49.3% in September.

According to the AMH/AAD Group, new aggregate vehicle sales dropped 12.5% on an annual basis in October.

"Overall, the latest domestic sales figures reinforced the view that the industry was at an early stage in emerging from the extremely severe recession in the automotive market which had started mid 2006." the NAAMSA said.

"Expected further improvement in the months ahead was likely to be slow and hesitant off an extremely low base."

South African vehicle sales decreased 16.9% year-on-year in October, compared with a 22.4% fall in the previous month, a report from the National Association of Automobile Manufacturers of South Africa or NAAMSA said on Tuesday. (Market News Provided by RTTNews)