- Total vehicle sales, reported by the National Association of Automobile Manufacturers of South Africa (NAAMSA), have increased by 2.2% m/m in November, following a 6.6% m/m rise in October. Total vehicle sales growth was up 27.4% y/y, from 18.2% y/y in October.
- Total car sales growth (including sales from Associated Motor Holdings (AMH) and Amalgamated Automobile Distributors (AAD)) increased to 29.6% y/y in November, up from 22.2% y/y in October.
- Passenger car sales (NAAMSA) accelerated to 24.2% y/y in November, (but rose strongly, by 28.9% y/y, when sales from AMH and AAD are included) from 18.6% y/y in October. Passenger car sales from AMH and AAD moderated to 53.9% y/y in November after a 61.2% y/y rise was posted in October.
- Passenger car sales (NAAMSA) declined by 2.9% m/m in November, from 4.4% m/m in October. This is in keeping with expectations, as consumers usually postpone their purchases to the New Year. However, y/y growth in passenger car sales continued to be supported by base effects.
- Total commercial vehicle sales picked up the pace, rising by 31.1% y/y, from 15.6% y/y in October. This increase was driven by a substantial pick-up in the sales of heavy, and extra heavy commercial vehicles and buses which increased by 53.6% y/y (from 23.5% y/y in October), while medium commercial sales were up 47.9% y/y in November (from 0.6% y/y in October).
- This rise in commercial vehicle sales is encouraging, given that sales had lagged passenger car sales due to slowing investment spending as well as weak corporate credit demand.
- Total vehicle exports increased by 24.2% y/y (or 7.4% m/m) in November, while exports of passenger cars moderated to 13.1% y/y, after having risen by 41.4% y/y in October. The uncertainty in global growth prospects poses the main downside risk to vehicle export growth in the months ahead.
- Vehicle sales YTD (including AMH and AAD) are up 24.3% — above the comparable period for 2009.
[Info from Standard Bank Data Release]