Toyota dominated the new vehicle market in July, capturing over 50% of total sales with a total of 671 units sold, latest data reveals.
Simonis Storm data reveals that the sales include 365 light commercial vehicles, 305 passenger vehicles, and one medium commercial vehicle.
The firm’s Researcher Halleluya Ndimulunde said regarding the popularity of Toyota models, the Toyota Hilux leads by a significant margin, with 323 units sold, making it the top choice among buyers.
“The Toyota Fortuner follows with 102 units, showcasing its strong appeal as a reliable SUV. The Toyota Corolla Cross and Toyota Starlet also performed well, with 57 and 56 units sold, respectively, indicating substantial interest in both the crossover and compact hatchback segments,” she said.
She added that other models, such as the Toyota Corolla Quest, Land Cruiser PU, and Urban Cruiser, occupy the midrange in terms of popularity.
“In contrast, models like the Toyota Starlet Cross, RAV4, and Rumion are less popular, with fewer units sold compared to other models,” she added.
This comes as a total of 1,172 new vehicles were sold in July, marking an 18% m/m increase. Despite this, sales were slightly lower compared to the same period last year.
Ndimulunde noted that new vehicle sales began the second half of 2024 on a strong note, with July 2024 seeing an increase primarily driven by the demand for passenger vehicles, particularly Toyota models.
“This figure represents the second-highest monthly vehicle sales for the year. Commercial vehicles once again dominated the market with 608 units sold, making up 51.9% of total sales, although this was a decrease from the previous month,” she said.
Conversely, passenger vehicles saw an uptick, with 564 units sold, accounting for 48.1% of total sales an increase compared to June.
In the light commercial vehicles category, sales surged from 510 units in June to 549 units in July 2024.
The firm also noted that the medium commercial vehicles category also saw a slight increase, with sales rising from 21 units to 22 units during the same period.
Sales of heavy commercial vehicles declined from 15 units in June 2024 to 9 units in July.
“Extra heavy vehicles category also experienced a decline, with sales falling from 45 units in June to 25 units in July 2024. The bus category also saw a decrease, with sales dropping from 6 units in June to 3 units in July 2024,” said Ndimulunde.
She added that new vehicle sales by rental agencies saw a substantial increase in July 2024, rising to 141 units from 54 units in the previous month.
She said this, however, marks a decrease compared to the 159 units sold in July 2023.
“Among the vehicles purchased, 59 were light commercial vehicles, specifically Toyota Hilux models, while the remaining 82 were passenger vehicles, including 75 Toyota models and 7VW Polo Vivos,” she added.
In addition, instalment and leasing credit uptake, which represents the smallest segment of corporate credit, grew by 27.3% y/y in June 2024.
The Bank of Namibia noted that although growth slowed slightly in June, this category remains strong, largely driven by the car rental industry, which is benefitting from increased tourism activity.
