14 April 2021 | Geschäft

Namibia’s new vehicle sales speeding

Total commercial vehicles sales accelerated both year-on-year and month-on-month by 23.8% and 22.3%, respectively.

We expect these trends to foster business confidence levels, mainly through corporate instalment credit extensions. Simonis Storm (SS)

PHILLEPUS UUSIKU

For the first quarter of 2021, Namibia’s new vehicles sales increase by 12.3% when compared the first quarter of 2020 amounting to 2494 units.

Similarly, new vehicle sales increased by 20.3% year-on-year at the end of March 2021 and marginally, 1.7% month-on-month, according to Simonis Storm (SS).

The 908 monthly sales units reached a 17-month high. The largest determinants for annual expansion were extra heavy, light commercial and passenger vehicles recording growth of 81.3%, 25.7% and 13.7% respectively.

The passenger vehicles category accelerated by 13.7% year-on-year and recorded a contraction of 13.1% month-on-month, with 357 units sold in March 2021, SS added.

Sales to car rental agencies contracted 38.5% month-on-month as only 40 units were acquired by rental agencies compared to 65 units acquired in the previous month, nonetheless it is a notable expansion when compared to the 15 units acquired in the comparable period last year.

Similarly, an 8.4% year-on-year contraction of passenger vehicles acquired through dealerships was recorded. The Toyota brand accounted for a third of total passenger vehicles sold, replacing Volkswagen brand as the most popular passenger brand for the month, SS pointed out.

Trend

Total commercial vehicles sales accelerated both year-on-year and month-on-month by 23.8% and 22.3%, respectively.

“Noteworthy, is that this is the second consecutive month we are seeing an expansion in the annual growth rate in over a year and the first double digit growth since September 2020,” SS pointed out.

Busses and heavy commercial vehicles subcategories were the only two categories to record contractions on an annual basis of 75% and 11.1%, respectively.

Extra-heavy and light commercial vehicles subcategories recorded the largest increase in sales on an annual basis, expanding by 81.3% and 25.7%, respectively.

Moreover, the largest growth rate was recorded in the month-on-month expansion of the medium-heavy commercial vehicles which posted 84.6%. “We expect these trends to foster business confidence levels, mainly through corporate instalment credit extensions,” SS said.

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