Namibia’s total vehicle sales for August 2024 reached 995 units, marking a 15.1% decline from the previous month and a 9.0% decrease compared to August 2023, latest data reveals.
According to Cirrus Capital data, the decline follows three consecutive months of increases.
Cirrus Capital data shows that passenger vehicle sales decreased by 21.8% month-over-month (m/m) and 12.2% year-over-year (y/y), with 441 units sold in August 2024.
Commercial vehicle sales fell by 8.9% m/m and 6.4% y/y, totalling 554 units for the month.
Cirrus Capital’s Head of Data and Analytics, Tannan Groenewald, said Toyota continues to lead both passenger and commercial markets.
“The Toyota Hilux alone represented 49.7% of the total light vehicle sales in the commercial sector. In South Africa, motor trade sales have shown signs of strain, with new vehicle sales in Q2 2024 declining by 6.4% y/y. Conversely, used vehicle sales increased by 9.8% y/y during the same period,” he said.
He noted that light commercial vehicle sales totalled 483 units in August 2024, down 12.0% from the previous month and 4.4% from the same month last year.
“The Toyota Hilux was the top performer with 240 units sold, including 8 rental purchases, accounting for 49.7% of total light vehicle sales in the commercial market. The Ford Ranger followed with 14.5% of the total,” he said.
Medium commercial vehicles recorded a fourth consecutive monthly increase, rising to 30 units sold from 22 the previous month.
High commercial vehicles remained steady with 9 units sold, while extra-heavy commercial vehicles saw a slight increase to 30 units sold, though bus sales decreased by one unit.
In the passenger vehicle market, Toyota made up 55.3% of total sales.
“The most popular model was the Corolla Cross, with 52 units sold, followed by the Starlet Cross and Fortuner, with 49 and 44 units sold, respectively. Toyota’s dominance continues, with the top four passenger vehicle makes remaining unchanged for six consecutive months: Volkswagen, Kia, Suzuki, and Toyota,” he said.
Meanwhile, household instalment and leasing credit uptake continue to grow, with annual growth at 6.9% in July 2024 despite high interest rates.
“The 25 basis point repo rate cut to 7.50% in August 2024 is seen as positive for the outlook, although modest on its own. This is supported by decelerating inflation, now at 4.4% in August 2024 (the lowest since November 2021), with further decreases anticipated,” said Cirrus.
In August 2024, rental agency purchases totaled 30 units, all Toyota vehicles: 20 Corolla Quest units, 8 Hilux units, and 2 Fortuner units.
