In October 2023, South Africa’s automotive industry experienced a notable downturn in new vehicle sales, with a 2.0% decrease compared to the previous year. The aggregate domestic new vehicle sales amounted to 45,445 units, a decline of 905 units from the 46,350 vehicles sold in October 2022. This marked the third consecutive month of decline in the new vehicle market.
Breaking down the sales figures, the new passenger car market saw a reduction of 1,068 cars, a 3.5% decrease from October 2022. Light commercial vehicles, including pick-ups and mini-buses, also experienced a decline, with sales dropping by 387 units, a 3.0% decrease. However, there was an increase in the medium commercial vehicle segment, which sold 807 units, an 8.3% rise from the previous year.
Interestingly, while domestic sales were declining, export sales showed a significant increase. There was a 39.5% rise in export sales, with 40,302 units exported in October 2023 compared to 28,891 vehicles in the same month in 2022. Year to date, vehicle exports were 12.7% ahead of the same period in the previous year.
Overall, of the total reported industry sales of 45,445 vehicles, approximately 80.2% (36,468 units) represented dealer sales, 12.9% (5,880 units) were sales to the vehicle rental industry, 4.1% to government, and 2.8% to industry corporate fleets.
