JOHANNESBURG, South Africa – The country’s new-vehicle market continued its surge through February 2022 to achieve its its best sales month since March a year earlier.
WesBank’s Lebogang Gaoaketse told The Corner: “According to Naamsa, sales grew 18.4% against February 2021 to 44 229 units, a performance approaching that of the second half of 2019 – and despite interest rate increases.“
Car sales grew by 27.9%, well ahead of market growth, and overall car sales grew 22.4% to 29 563 with a slightly flatter performance through rental purchases.
Light commercials were up 9.4% to 12 290 against to February 2021.
“Although year-on-year growth during February looked inspiring, car sales were marginally (463 units) down on January sales,” says Gaoaketse. “Light commercials delivered 2666 units – 27.7% ahead of January.”
The market has further headwinds to face as fuel prices will exceed R21 per litre inland during March and are destined to rise further amidst tensions in Ukraine. Industry could also face additional complications over and above microchips as supply and manufacture is potentially disrupted in the region and Russia.
The new vehicle market is already 18.8% up to 85,559 units during the first two months of the year compared to the year-to-date performance of 2021, outrunning many forecasts already made for the market this year
“This” Gaoaketse claimed, “bodes well for the continued recovery of the new vehicle market.”