New Transportation market report from Business Monitor International: "South Africa Autos Report Q2 2013"
Boston, MA -- (SBWIRE) -- 06/05/2013 -- South Africa registered a 1.6% year-on-year (y-o-y) increase in new vehicle sales, to 53,220 units, in February - the slowest rise since September 2012, according to figures released by the National Association of Automobile Manufacturers of South Africa (NAAMSA) in March. Sales increased 14.1% y-o-y in January. In February, sales of passenger cars rose by 0.8% y-o-y to 36,666 units and sales of light commercial vehicles increased 4.7% y-o-y. However, sales of medium commercial trucks slipped 7.6% y-oy to 868 units in February.
NAAMSA believes sales will most likely be stagnant in 2013. It said quickening inflation and a weaker rand 'could result in further moderation in the rate of growth in sales over the balance of the year'. It is expecting rises in new vehicle prices because of a weak exchange rate and increases in CO2 vehicle emissions taxes.
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Kia Motors' South African subsidiary agrees. Its CEO, Ray Levin, has predicted that new car prices in South Africa will increase between 10% and 12% in the next six months. Levin noted that the auto industry had come under pressure owing to the weakening rand. Levin said that the prices of new cars may increase up to 20% if the rand remained at ZAR9/US$. The weakening rand was also cited by Levin as the main reason for 1.6% y-o-y new vehicle sales growth projection in 2013.
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