South Africa’s new vehicle market defied the slowdown in economic growth to record higher than forecast annual year-on-year growth of 13.9% in 2022, according to statistics released by automotive business council Naamsa on Monday. However, industry players have warned that the sales outlook for this year may not be as promising.
Toyota’s Durban plant targets pre-flood production levels by December [Aug 2022] “Despite the myriad of negative economic pressures and ongoing stock supply shortages, the new vehicle market continued to outperform expectations in 2022,” said Mabasa. “However, the consumer trend of buying less expensive and smaller cars, usually SUVs [sport utility vehicles] or crossovers, continued in 2022.
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