{"id":19102,"date":"2018-11-29T16:53:38","date_gmt":"2018-11-29T14:53:38","guid":{"rendered":"https:\/\/ijg.net\/research\/?p=19102"},"modified":"2018-11-29T17:57:59","modified_gmt":"2018-11-29T15:57:59","slug":"new-vehicle-sales-october-2018","status":"publish","type":"post","link":"https:\/\/ijg.net\/research\/new-vehicle-sales-october-2018\/","title":{"rendered":"New Vehicle Sales \u2013 October 2018"},"content":{"rendered":"

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905 New vehicles were sold in October, representing a 7.8% decrease from the 982 vehicles sold in September, and an 8.7% decrease from October 2017 when 991 new vehicles were sold. Year-to-date 9,957 vehicles have been sold of which 4,361 were passenger vehicles, 5,049 light commercial vehicles, and 547 medium and heavy commercial vehicles. On a twelve-month cumulative basis, a total of 11,793 new vehicles were sold as at 31 October 2018, which represents a contraction of 13.1% from the 13,565 sold over the comparable period a year ago. New vehicle sales are thus still in decline despite the low base set in 2016 and 2017.<\/p>\n

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A total of 399 new passenger vehicles were sold during October, increasing by 19.8% m\/m but declining by 2.0% y\/y. Year-to-date passenger vehicle sales rose to 4,361, down 8.3% y\/y. On a rolling 12-month basis new passenger vehicle sales were down 47.8% from the peak in April 2015.<\/p>\n

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Commercial vehicle sales reflect a similar picture, declining by 13.4% year-to-date and 15.4% y\/y on a rolling 12-month basis. A total of 506 new commercial vehicles were sold in October, representing a contraction of 22.0% m\/m and 13.4% y\/y. 442 Light commercial vehicles, 18 medium commercial vehicles, and 46 heavy commercial vehicles were sold during the month. Light commercial vehicle sales have dropped 16.8% y\/y, while medium commercial sales rose 5.9% y\/y, and heavy and extra heavy sales rose by 27.8% y\/y. On a twelve-month cumulative basis, light commercial vehicle sales dropped 16.9% y\/y, while medium commercial vehicle sales rose 0.83% y\/y, and heavy commercial vehicle sales rose 0.2% y\/y. This is the first month since November 2015 that medium commercial sales have showed positive growth on a twelve-month cumulative basis, and the first month since February 2016 that heavy commercial sales have showed positive growth on a twelve-month cumulative basis. The positive growth is negligible at this point but it is possible that a floor in medium and heavy commercial vehicle sales has been found as companies that have been sweating assets start to replace those vehicles.<\/p>\n

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Toyota continues to lead the market for new passenger vehicle sales in 2018 based on the number of new vehicles sold, claiming 34.2% of the market, followed by Volkswagen with a 28.2% share. They were followed by Hyundai and Kia at 5.8% and 4.8% respectively, while the rest of the passenger vehicle market was shared by several competitors.<\/p>\n

Toyota also remained the leader in the light commercial vehicle space with a 57.8% market share, with Nissan in second place with a 17.3% share. Ford and Isuzu claimed 8.5% and 5.0%, respectively, of the number of light commercial vehicles sold thus far in 2018. Hino leads the medium commercial vehicle category with 42.4% of sales while Scania remains number one in the heavy and extra-heavy commercial vehicle segment with 36.8% of the market share year-to-date.<\/p>\n

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The Bottom Line<\/strong><\/p>\n

The cumulative number of new vehicle sales continued to contract on a 12-month basis, amounting to 11,793 at the end of October. Government\u2019s continued commitment to fiscal consolidation does have a direct effect on the demand for new vehicles. Government vehicle expenditure has fallen from N$1.02 billion in the 2014\/15 fiscal year to N$22.2 million in 2017\/18. In his Mid-Term Budget Review Speech last month, finance minister Calle Schlettwein left the revised vehicle budget unchanged at N$11.9 million from the budget tabled in March. N$1.4 million is allocated to the Auditor General\u2019s office for vehicles, N$10.0 million to Health and Social Services and N$500,000 to the Justice ministry. For the 2019\/20 year, N$10.0 million is allocated to Health and Social Services for vehicles. These figures dim the prospects for new vehicle sales in the short- to medium-term.<\/p>\n","protected":false},"excerpt":{"rendered":"

905 New vehicles were sold in October, representing a 7.8% decrease from the 982 vehicles sold in September, and an 8.7% decrease from October 2017 when 991 new vehicles were sold. Year-to-date 9,957 vehicles have been sold of which 4,361 were passenger vehicles, 5,049 light commercial vehicles, and 547 medium \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,20],"tags":[],"class_list":["post-19102","post","type-post","status-publish","format-standard","hentry","category-economicresearch","category-vehiclesales"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/19102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/comments?post=19102"}],"version-history":[{"count":2,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/19102\/revisions"}],"predecessor-version":[{"id":19117,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/posts\/19102\/revisions\/19117"}],"wp:attachment":[{"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/media?parent=19102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/categories?post=19102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ijg.net\/research\/wp-json\/wp\/v2\/tags?post=19102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}