SA automotive industry bets on interest rates cut after August new vehicle sales plunge

Siphelele Dludla siphelele.dludla@inl.co.za

The AUTOMOTIVE industry in South Africa is now hoping that the looming interest rate cuts would signal a positive shift to stimulate economic activities after new vehicle sales fell by 4.9% in August compared to the same month last year, following a 1.5% uptick in July. Data from the Automotive Business Council (Naamsa) yesterday showed that aggregate domestic new vehicle sales in August fell by 2 266 units, or 4.9%, to 43 588 units, down from the 45 854 vehicles sold in August 2023. This decline comes at a critical time for the automotive sector as the industry expects consumer appetite to tick up towards the festive season. Naamsa said the stronger July performance in the new vehicle market could not be sustained in August as consumers…

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Cape Times (Digital) - 1 Issue, 2024-09-03

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