Naamsa reported that 33,545 new vehicles were sold locally in March. This represents a decrease compared with the same month in 2019, where 47,718 units were recorded.
Although the association noted that “the worst is yet to come for the manufacturing sector,” it praised the Reserve Bank’s move to cut the benchmark interest rate last month. Naamsa said it would engage in discussions about ideas to assist government in reducing the impact of the coronavirus. Last week we approached the vehicle finance divisions of the big four banks, including WesBank, which detailed relief measures to customers whose earnings may be impacted during this time. De Kock emphasised that the concessions were to be viewed as “cashflow relief” rather than “financial relief".
Drawing a parallel between the current market situation and the economic crisis of 2008, De Kock observed that institutions lent differently in comparison to now. “There is talk to say this is a V-type impact: it went down fast but it could rise fast, but there are many views.”
I hope our vehicle manufacturing industry such VWGroup and ToyotaMotorCorp wont retrench our disadvantaged people post-Covid-19. It is time that we put people over profit.
If the demand is down we should see a decrease in prices !!!!!
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