Category Archives: Vehicle Sales

Vehicle Sales

New Vehicle Sales – November

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1,992 new vehicles were sold in Namibia during November, the second most vehicles sold on a monthly basis, slightly less than the record set in October. The lower monthly figures were caused by a slowdown in commercial vehicle sales and passenger vehicle sales. At this point, total sales for the year stand just shy of 20,000 vehicles, up 25.8% on the comparable period of 2013.

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The 12-month cumulative measure increased further to 21,155 and is now 33.8% higher than a year ago, down 2.0% from the previous month. The decrease in the 12-month cumulative figure is a combination of a low base and strong results in the current period.

Sales of passenger vehicles decreased in November, falling by 9.4% to 764 vehicles sold. Year to date number of passenger vehicle sales are 23.7% higher than a year ago, highlighting the current state of the consumer. Commercial vehicle sales decreased slightly, down 1.7% m/m to 1,228 vehicles sold, from a record of 1,249 in the previous month. This was on account of lower numbers recorded in the light and heavy categories.

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Toyota and Volkswagen dominated the passenger market, selling the most vehicles in November, with the two brands claiming 37.0% and 13.0% of sales respectively. Toyota once again was the market leader in light commercial vehicles, having the lion’s share of sales at 47.4% of the market, followed by Nissan at 15.9%.

The Bottom Line

The strong increase in vehicle sales is attributed to a number of factors, namely the on-going expansive fiscal and monetary positions of the Ministry of Finance and Bank of Namibia, as well as purchase of vehicles by Government. The Ministry of Finance has allocated N$984.5m to vehicle purchases in the 2014/15 National Budget,a N$517.8m (111.0%) increase on the vehicle expenditure budget of the 2013/14 financial year. We expect the strong growth trend to continue, however sales may slowdown as monetary policy tightening is likely to continue. Nevertheless, government tenders yet to be delivered will maintain the momentum of vehicle sales through 2014.

IJG New Vehicle Sales September 2014

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September 2014 Vehicle Sales

1,912 new vehicles were sold in Namibia during September, up 12.9% m/m, reflecting a recovery to July’s all-time highs. The improvement in monthly figures was largely caused by strong growth in commercial vehicle sales with passenger vehicle sales dropping for a third month in a row. On an annual basis growth increased by 32.8% from last year September, up from 15.6% in August. To date 15,881 vehicles have been sold this year, up 13.7% from August and 33.5% compared to this time last year.

Vehicle sales m/m

 

The 12-month cumulative measure increased to 20,100, an all-time high. This is 35.2% higher than a year ago, and up 2.4% from the previous month.

12 month y/y % change

 

Sales of passenger vehicles decreased, falling 5.4% m/m to 765 vehicles sold, but up 8.8% compared to a year ago. Year to date, passenger vehicle sales are up 26.3% when compared to the same period of last year. Commercial vehicle sales increased by 29.6% m/m to 1,147 vehicles sold, an increase of 55.6% y/y. Cumulative commercial vehicle sales are up 40% compared to this time last year.

Toyota and Volkswagen dominated the passenger market once again, selling the most vehicles in September, with the two brands claiming 30.3% and 21.8% of sales respectively.  Toyota once again was the market leader in light commercial vehicles sales, having the lion’s share of at 49.4% of the market, followed by Nissan at 17.4%.

The Bottom Line

The strong increase in vehicle sales is attributed to a number of factors, namely the on-going expansive fiscal and monetary policy of the Ministry of Finance and Bank of Namibia. The expansion in vehicle purchases in the 2014/15 National Budget continues to play a part in the increases and should carry current levels of vehicle sales through to the end of the year with a slight decline due to the high levels we have seen this month. Current cumulative vehicle sales are less than a month away from surpassing last year’s total figure pointing to another year of strong growth despite monetary policy tightening. Further tightening should have an impact on vehicle sales although this will be partially muted due to government tenders still outstanding.