The Toyota Hilux sold 4,561 units in March, nearly double that of the next best-selling vehicle. Picture: SUPPLIED
The Naamsa automotive business council reports that 50,607 new cars, light commercials and trucks were sold last month — an increase of 7,184 units or 16.5% from the 43,423 vehicles sold in March 2021. Naamsa said it exceeded expectations and was the highest monthly total since prepandemic October 2019.
“The positive new-vehicle market performance during March 2022, reaching a level last achieved pre-Covid-19, could be attributed to pent-up demand aligned with the increasing normalising of business conditions as well as enticing new model choices in the domestic market,” said Naamsa CEO Mikel Mabasa.
Escalating inflation risks, ongoing record fuel prices, low and stagnant economic growth and a rising interest rate cycle will affect the new market negatively going forward, he said.
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