March was not a good month for the overall new vehicle market, which contracted by a significant 11.7% year-on-year.
A total of 44,237 vehicles were sold last month, according to Naamsa, a decline of 5,877 units versus March 2023. Although the Easter weekend took an additional sales day out of the equation this year, overall consumer demand remains weak, the industry association said.
Passenger cars took the biggest plunge, falling 15.9% year-on-year to 26,577 units, while the light commercial and bakkie sector fell by just 4.3% to 15,542 units.
However certain bakkie manufacturers enjoyed a bumper month, particularly Nissan, which sold 2,277 Navaras in March, a 407% increase over the previous month’s 449 units. This is the first time since its launch as a locally manufactured product in 2021 that the Navara has breached 1,000 monthly sales, let alone the 2,000 mark.
It remains to be seen whether this is a one-off or a sign of what’s to come from the Navara. The company is currently in the process of discontinuing the smaller NP200 half-tonner, which found 1,113 homes in March. The Navara’s export figure of 622 units was also above average, with Nissan currently expanding its reach to countries like Algeria and Libya.
The Navara wasn’t the only bakkie to enjoy higher than usual demand last month. The Isuzu D-Max breached the 2,000 mark as well with 2,095 sales, up from 1,740 in February, while the GWM P-Series rose from 378 to 591 and the Volkswagen Amarok from 324 units to 421.
On the passenger vehicle front the Toyota Corolla Cross took top honours (2,041 units) ahead of the Volkswagen Polo Vivo (1,933) and Suzuki Swift (1,433).
30 best-selling vehicles in South Africa: March 2024
- 1. Toyota Hilux - 3,104
- 2. Nissan Navara - 2,277
- 3. Isuzu D-Max - 2,095
- 4. Toyota Corolla Cross - 2,041
- 5. Ford Ranger - 1,954
- 6. Volkswagen Polo Vivo - 1,933
- 7. Suzuki Swift - 1,433
- 8. Hyundai Grand i10 - 1,309
- 9. Toyota Starlet - 1,258
- 10. Nissan NP200 - 1,113
- 11. Chery Tiggo 4 Pro - 975
- 12. Volkswagen Polo - 959
- 13. Toyota Fortuner - 926
- 14. Mahindra Scorpio Pik-Up - 744
- 15. Toyota Hi-Ace - 684
- 16. Toyota Vitz - 595
- 17. GWM P-Series - 591
- 18. Suzuki Baleno - 544
- 19. Kia Sonet - 526
- 20. Haval Jolion - 519
- 21. Nissan Magnite - 468
- 22. Volkswagen T-Cross - 466
- 23. Toyota Urban Cruiser - 456
- 24. Toyota Land Cruiser PU - 454
- 25. Suzuki Ertiga - 430
- 26. Volkswagen Amarok - 421
- 27. Renault Triber - 412
- 28. Suzuki Fronx - 404
- 29. Chery Tiggo 7 Pro - 402
- 30. Renault Kiger - 385
South Africa’s vehicle market has seen a downward trend for eight months now, Naamsa said, and 2024’s first quarter aggregate is now 5,3% below the same period in 2023.
The effect of the SA Reserve Bank’s aggressive monetary policy stance, which saw it hiking interest rates in an attempt to contain inflation, took some time to filter through to new vehicle sales, the association added.
“Only once the interest cutting cycle commences, likely during the second half of the year, along with the easing of inflation, better economic prospects are expected for the new vehicle market,” Naamsa said.
IOL Motoring