Top 5 Exporters – September 2024

Similar to the new car domestic market, the export figures in September reflect a shrunken data set albeit by a significant amount. The Silverton-produced Ford Ranger continues to lead the charge while BMW is key in the production decreases as a result of Rosslyn being retooled for the next-generation BMW X3. Here is who made the cut.

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Naamsa reported that ongoing challenges such as high inflation and interest rates have hampered the new vehicle market in South Africa. CEO Mikel Mabasa echoed this, stating that 2024 was predicted to have a tough start but expected improvements in the second half amidst low fuel prices, a strengthened Rand and a stable and investment-appealing Government of National Unity bode well for better performance.

In terms of the vehicle market, new vehicle sales were down by 4.1% while exports took a major hit of 38.1% with only 21 964 units registered during the month. The year-to-date data reveals that new vehicle sales locally reached 401 169 units in the month which is an overall 5.8% decrease compared to the same period in 2023. Exports suffered the same fate reflecting 289 198 units which represents a 19.7% drop from the corresponding period last year. There are several factors listed by Naamsa for this including the slowing demand for older vehicle models and tightening environmental regulations in key export markets like Europe. A look at the data below shows the omission of BMW Group, who only registered 1 vehicle export in the month which is an anomaly to the thousands of units normally listed. This is courtesy of Plant Rosslyn being retooled for the next-generation X3 which is set to hit showrooms within the next few months.

Top 5 Exporters for September 2024

  1. Ford – 8 603 (up from 8 123)
  2. Mercedes-Benz – 7 700 (up from 7 600)
  3. Volkswagen – 2 449 (down from 2 910)
  4. Toyota – 2 031 (up from 1 701)
  5. Nissan – 434 (down from 630)

Related: Chery Could Introduce a Hilux-Rivalling Double Cab Bakkie

Looking forward, positive signs emerged in September with the first interest rate cut in four years and inflation dipping below the mid-point of the Reserve Bank’s target range, offering relief to consumers. Lower fuel prices and a stronger Rand also contributed to improved consumer confidence. These economic shifts are fueling expectations for further interest rate reductions, which could enhance affordability and stimulate vehicle sales moving forward.

Related: Fiat Will Debut Five Retro Models Including Double Cab Bakkie

While vehicle exports to Europe have slowed, exports to the US surged by 132% year-to-date, providing some optimism for the remainder of the year. With the Government of National Unity’s focus on infrastructure development, there is hope that the automotive sector will benefit from these efforts as well.

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The post Top 5 Exporters – September 2024 appeared first on CAR Magazine.


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