as Kia’s Tasman targets Toyota and Ford’s winning streak
Toyota maintained its dominant position in the Namibian vehicle market in October 2024, with 619 new vehicles sold, data from Simonis Storm Securities (SSS) reveals.
This accounted for over 54% of total vehicle sales and included 361 light commercial vehicles, 256 passenger vehicles, and two medium commercial vehicles.
“The Toyota Hilux emerged as the clear market leader, with 325 units sold, reinforcing its appeal as the preferred choice among buyers. Ford ranked second in market share, driven primarily by the strong performance of the Ranger,” said the firm’s Junior Economist Almandro Jansen.
Volkswagen (VW) secured the third position, contributing 90 units to total sales. Other key contributors included Kia and Isuzu, each selling 50 units, and Suzuki with 43 units, underscoring their consistent presence in the market.
Jansen noted that Kia Motors has made a strategic entry into the competitive bakkie segment with the unveiling of the Tasman.
He added that scheduled to launch in South Africa by late 2025, this development is expected to intensify competition, challenging the dominance of established players like Toyota and Ford.
“This model combines utility and lifestyle appeal with a bold design, practical features, and a variety of configurations, including 4×2 and 4×4 options. Offering a towing capacity of 3,500kg and a choice between 2.5L petrol and 2.2L diesel engines, the Tasman targets diverse consumer segments,” he noted.
Furthermore, he said increased competition from Kia’s Tasman is likely to spur innovation among established players, potentially driving down prices and expanding options for consumers.
“Toyota’s investment in green steel production reflects a broader shift towards sustainability, which could accelerate the adoption of hybrid and electric vehicles in Namibia as global trends influence local preferences,” he said.
This comes as HyIron, a key player in Namibia’s green iron production efforts, is in talks with Toyota for a potential equity investment to secure materials for the automaker’s green steel initiatives.
Meanwhile, October 2024 demonstrated an impressive upturn in total new vehicle sales, reaching 1,145 units. This represents a 24.6% y/y increase from 919 units in October 2023 and a notable 15.9% m/m rise from September 2024.
Historically, October vehicle sales have typically fallen below the 1,000-unit threshold; however, this year’s outperformance is primarily attributable to pre-year-end tax-related purchases.
“This surge suggests heightened activity among both businesses and individuals seeking to optimise tax benefits before fiscal year closure. Commercial vehicle sales remained the primary driver of the market, accounting for 55% of total vehicle sales, with 631 units sold during the month,” Jansen noted.
Year-to-date (YTD) commercial vehicle sales stood at 5,876 units, marking a 7.1% increase compared to 5,487 units recorded in the corresponding period of 2023.
Light commercial vehicles dominated the segment, with 568 units sold, contributing 49.6% to total vehicle sales.
Jansen highlighted that the strong demand for commercial vehicles underscores their pivotal role in supporting logistics, construction, and trade, reflecting broader economic resilience in these sectors.
“Passenger vehicle sales accounted for 45% of total vehicle sales, with 514 units sold in October 2024. This marks a rebound after two months of sequential declines. Nonetheless, YTD passenger vehicle sales remain subdued at 4,783 units, down 9.3% from 5,272 units in 2023,” he added.
