The group says growth is in the single digits and the local environment makes it tough to move new stock.South Africans can’t afford to buy new cars. That’s the word from motor vehicle distributor and service provider
Shareholders will also be getting less money. In 2023, earnings per share sat at 2008 cents, but estimates put 2024’s earnings between 1305 cents and 1505 cents.“The South African trading environment remains very challenging, marked by uncertainty created by the elections, high interest rates, fuel prices and energy costs. As a result of these factors, consumers are experiencing considerable strain on their disposable income.
But even with discounts, new vehicles are simply unaffordable for most South Africans. Since July 2023, Motus has noted a decline in sales and even rental vehicles. strategic initiatives and the experienced management team, will successfully navigate the Group during these difficult times,” the company added.
Source: Car News Wire (carnewswire.net)
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