Only two buses sold in January

A report by Simonis Storm Securities has revealed that only two buses were sold in January, however, vehicle sales for the month reached the highest number since 2016, with 950 sold in total.

According to the report, which was released yesterday, this is a 13% increase from the 841 units sold in December.

“This figure represents a 17,7% increase from the 807 units sold in the same month of the previous year, and given this consistent upward trend, there is an optimistic outlook for vehicle sales in 2024, with expectations of further improvements,” the report said.

Additionally, out of the 950 new units sold in January, rental agencies purchased a total of 41 vehicles, which constitutes 4,3% of the total units sold, marking an increase from the three units sold to rental agencies in December 2023.

“While this represents a relatively small portion of vehicles sold to rental agencies, it reflects positively on the tourism sector and suggests an increasing preference for self-driving among tourists.

Commercial vehicles were the primary drivers of the annual increase in sales, comprising 50,5% of the total units sold.

“Light commercial vehicles emerged as the primary contributor within this category, accounting for the majority, with 444 new units sold. Furthermore, 20 medium commercial vehicles, nine extra heavy commercial vehicles, five heavy commercial vehicles and two buses were sold during this period.”

The report further showed that even though passenger vehicles made up 49,5% of the total sales with 470 units sold, this is a decline of 0,8% in January.

Compared to vehicle sales in Namibia, South Africa experienced slow movement at the start of the year.

In January South Africa’s sales stood at 41 636 new vehicles.

“This marked a decrease of 3,8% year on year. The National Association of Automobile Manufacturers of South Africa attributed this decline to the significant economic challenges that characterised the market’s performance throughout 2023,” the report states.

In an age of information overload, Sunrise is The Namibian’s morning briefing, delivered at 6h00 from Monday to Friday. It offers a curated rundown of the most important stories from the past 24 hours – occasionally with a light, witty touch. It’s an essential way to stay informed. Subscribe and join our newsletter community.