, though the pace of recovery for the year to date has eased to 13.1% compared with the corresponding period 2021,” says Naamsa CEO Mikel Mabasa.
“However, growth prospects for the balance of the year remain constrained as higher interest rates and consequent higher debt servicing costs weigh on disposable income. The persistence of load-shedding and little hope that this will be alleviated over the near term likely also weighed on sentiment.”
Year to date, new passenger-car sales rose 19.8% to 301,137 units compared with 251,288 between January and October last year. Sales of light commercials are 1% down from 112,934 to 111,751 over the same period, not as a factor of market demand but largely due to the nearly four-month closure of Toyota’s flooded Durban factory when popular vehicles like the Hilux and Hi-Ace Sesfikile taxi could not be produced.
With its reopened factory now almost fully up and running, Toyota SA holds a dominant market share and outsold its nearest competitor by more than two to one last month. Toyota sold 12,574 new vehicles in October, ahead of Volkswagen , Suzuki Auto , Nissan , Hyundai , Haval , Ford , Isuzu , Renault , Kia , Chery , Mahindra , BMW , Mercedes and Stellantis .
Source: News Formal (newsformal.com)
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