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Vehicle sales decline in May

Year-on-year new vehicle sales declined by 9.2% last month, the National Association of Automobile Manufacturers of SA (Naamsa) said on Monday.

Photo Chris Kirchhoff Media ClubSA

Photo Chris Kirchhoff Media ClubSA

“The South African economy was losing momentum and risked moving into recession,” Naamsa said in a statement.

“The decline in first-quarter GDP to negative levels, the dramatic decline in the purchasing managers’ index, the sharp rise in producer inflation and the worsening trade deficit all confirmed the advent of a more difficult economic environment.”

As a result, the domestic automotive market was likely to continue facing headwinds in the short to medium term, it said.

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In May 2014, aggregate new vehicles sales were 49 465 compared to the 54 490 sold in the same month last year.

Naamsa said all segments and categories recorded year-on-year declines.

Export sales declined from 26 252 in May last year to 15 613 this year, a fall of 40.5%.

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