Naamsa’s quarterly review of business conditions for the South African motor vehicle manufacturing industry, during the first quarter of 2023, as submitted to the Director-General, Department of Trade, Industry and Competition.
Industry vehicle sales, export, and import statistics for 2014 through 2022, together with current projections for 2023 and 2024, are reflected on the attachment to the submission.
KEY FEATURES: FIRST QUARTER 2023.
• New vehicle sales during the first quarter 2023 recorded an increase of 1,6% compared to the corresponding quarter 2022 and a gain of 0,2% compared to the fourth quarter 2022, reflecting a stressed business and consumer environment;
• New energy vehicle [NEV] sales by 14 industry brands increased by 18,8% from 1,401 units in the first quarter 2022 to 1,665 units in the first quarter 2023;
• First quarter 2023 aggregate industry employment as at 31st March 2023 totalled 33,392 reflecting a decline of 85 jobs…
