The Toyota Hilux bakkie maintained its position as Namibians’ most popular vehicle choice in September.
Some 255 units were sold out of 553 commercial vehicles sold last month.
The commercial vehicles sold comprised 56% of total vehicle sales, marking two consecutive months of decreasing units sold.
According to an analysis by Simonis Storm Securities, new vehicle sales for September 2024 reached 988 units, marking a continuing decline in vehicle sales in the past two months.
Sales in the commercial category can primarily be attributed to light commercial vehicles, which made up 48.8% of total vehicle sales for September.
The analysts say that out of the 988 units sold in September, 978 went to dealerships, 10 to rental agencies, and none to the government.
“Purchases by rental agencies have significantly declined over the past two months, from 141 units in July 2024 to just 10 units in September 2024,” Simonis says, adding that the overall vehicle market was largely supported by sales in the commercial vehicle segment.
While the third quarter of 2015 holds the record for the highest vehicle sales – 5 200 units – analysts say the third quarter of 2024 recorded a total of 3 155 units sold, representing an 7.5% decrease compared to the same period last year, which recorded 3 411 units sold.
“However, the picture varies across different categories of commercial vehicles. Medium commercial vehicle sales dropped, with only 21 units sold, representing a contraction of 23.5% year on year (y/y), while heavy commercial vehicles experienced positive growth of 23% y/y, with 16 new units sold, the analysts say.
Extra heavy commercial vehicles, in contrast, contracted by 12.5% y/y, while buses witnessed a significant increase of 450%, with 11 units sold in September 2024.
Passenger vehicles, constituting 44% of total vehicle sales, experienced a decrease in September 2024, with 435 new units sold, marking the second consecutive month of decline.
“The reduction in passenger vehicle sales could reflect consumer hesitancy due to prevailing future interest rate decisions,” the analysts say.
However, in the medium commercial vehicle category, the Mercedes-Benz Sprinter was the leader, with seven units sold, while the Hino 500 Series led in heavy commercial vehicles.
Extra heavy commercial vehicles were dominated by the Volvo FH, and the Mercedes-Benz Bus emerged as the preferred option among buses, while the Toyota Fortuner, with 60 units sold, remained a top choice among consumers.
The Toyota Corolla Cross (54 units) and Polo Vivo (48 units) were trailing behind.
“For passenger vehicles, despite these economic challenges, the continued sales activity may still indicate underlying consumer confidence and suggest potential for sustained momentum in the vehicle market as broader economic conditions stabilise or improve,” Simonis says.
– email: matthew@namibian.com.na
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