The Covid-19 coronavirus-enforced lockdown and further ratings downgrades have dealt body blows to South Africa’s automotive industry, with one of the industry’s single biggest investors, China’s Beijing Automobile International Corporation , suspending its operational plans for this year as most of its engineers return home.The National Association of Automobile Manufacturers of SA says that local vehicle sales could decline by between 18% and 20%.
“Due to the global nature of the industry, our fortunes are also dependent on what is happening in other parts of the world, and it is clear that global demand has dropped significantly, which will negatively [affect] the local market. He said that, because many workers in the industry were now back at work, he hoped local economic activity would be extended to many other sectors that were still under lockdown so that the economy could begin to recover.
He said the level of investment the companies had committed to was solid and most would continue doing business in the country for the foreseeable future. Demand will not come back immediately. Passenger vehicle sales are going to drop to 220 000 vehicles for the full year, compared with 355 373 last year,” he said, adding that any sales projections were dependent on when the retail sector was allowed to operate.
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