A total of 1 172 new vehicles were sold in July.
Toyota brands lead the sales with 671 units sold in the period, accounting for over 50% of new vehicles sold.
Of the total sales, 365 were light commercial vehicles, 305 were passenger vehicles and one was a medium commercial vehicle.
The Toyota Hilux led in popularity by a significant margin, with 323 units sold, making it the top choice among buyers.
The Toyota Fortuner followed with 102 units, showcasing its strong appeal as a reliable SUV.
According to an analysis by Simonis Storm securities, the total new vehicles sold in July, marked an 18% month-on-month increase on June figures.
“Despite this, sales were slightly lower compared to the same period last year with this figure representing the second-highest monthly vehicle sales for the year,” says Simonis.
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.
Conversely, passenger vehicles saw an uptick, with 564 units sold, accounting for 48,1% of total sales — an increase from June figures.
“In the light commercial vehicles category, sales surged from 510 units in June to 549 units in July 2024.
The medium commercial vehicles category also saw a slight increase, with sales rising from 21 units to 22 units during the same period,” says Simonis.
Sales of heavy commercial vehicles dropped from 15 units in June 2024 to nine units in July.
The 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 three in July 2024.
New vehicle sales by rental agencies saw a substantial increase in July 2024, rising to 141 units from 54 units in the previous month. However, this 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 7 VW Polo Vivos.
In addition, installment and leasing credit uptake, which represents the smallest segment of corporate credit, grew by 27,3% year-on-year in June 2024.
The Bank of Namibia says that although growth slowed slightly in June, this category remains strong, largely driven by the car rental industry, which is benefiting from increased tourism activity.
According to the analysis, the transport category in Namibia’s Consumer Price Index continues being one of the primary contributors to overall inflation, largely driven by fluctuating fuel prices.
However, within this category, the inflation rate for motor vehicle purchases has shown signs of easing.
In July 2024, inflation in the motor vehicle sub-category slowed to 5,6% year-on-year, marking the most subdued increase since December 2022.
“This deceleration in motor vehicle price inflation suggests some relief in this segment, even as other transportation costs continue to exert upward pressure on overall inflation rates in the country,” Simonis says.
– email: matthew@namibian.com.na
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