The South African new vehicle market continued its positive momentum in February, while exports lost some steam.
47,979 new vehicles were sold in South Africa last month, which is 2.1% more than January's total of 46,990, and a 7.3% increase over the same month last year.
This followed January’s year-on-year gain of 10.4%, meaning the market is finally gaining the traction that many analysts predicted it would, following the formation of the Government of National Unity (GNU) in mid-2024.
It was the passenger vehicle market that led the growth once again in February, with a 16.8% year-on-year gain, while light commercial vehicle (LCV) sales declined by 11.4%, due to various factors, including the discontinuation of the Nissan NP200.
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Year-to-date, passenger vehicle sales are up 18.6%, partially thanks to a resurgent rental car market, however LCV sales are down by 10.4%.
Toyota dominated the new vehicle market by its usual significant margin in February, with 11,743 units sold, while Suzuki sold north of 6,000 units once again to beat Volkswagen SA to second place overall.
Top Manufacturers: February 2025
- Toyota - 11,743
- Suzuki Auto - 6,044
- Volkswagen - 5,249
- Hyundai Automotive - 3,074
- Ford Motor Company - 2,900
- Isuzu Motors SA - 2,298
- Chery Auto SA - 1,924
- GWM SA - 1,713
- Mahindra - 1,610
- Nissan - 1,497
- Kia - 1,491
- Renault - 1,466
- BMW Group - 1,256
- Omoda and Jaecoo - 772
- Stellantis - 501
Visit IOL Motoring on Tuesday for the comprehensive vehicle model sales numbers.
Vehicle market outlook remains uncertain
Although the vehicle market is off to a strong start in 2025, aided by three interest rate cuts totalling 0.75%, the outlook for the remainder of the year remains uncertain due to various risk factors, according to WesBank marketing head Lebo Gaoaketse.
“While further expected cuts would continue to address affordability and stimulate market activity, other inflationary increases, including electricity tariffs and fuel prices, persist and have many economists questioning the expected pace of interest rate cuts, warning there may be fewer cuts throughout the year than previously envisioned,” Gaoaketse said.
Export sales down
Export sales declined by 8.6% year-on-year in February, following an encouraging gain of 29.7% in January. 34,656 vehicles were exported in Total, comprising 22,211 passenger cars and 12,417 LCVs.
Volkswagen SA was the lead exporter, with 10,686 Polos shipped abroad last month, followed by the Ford Ranger (5,795), Toyota Hilux (5,580), BMW X3 (4,300) and Nissan Navara (709).
IOL