Despite new vehicle sales in the domestic market reflecting in the green, it wasn’t all hunky dory for July since exports dropped by a massive margin. Here is how the Top 5 stands.
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The Automotive Business Council reported a welcome uptick in July 2024’s aggregate new vehicle sales, potentially marking a turning point for an improved performance in the second half of the year. Aggregate domestic new vehicle sales in July 2024 reached 44 229 units, an increase of 657 units, or 1.5%, from the 43 572 vehicles sold in July 2023. However, export sales saw a significant decrease, dropping by 12 671 units, or 33.2%, to 25 461 units in July 2024 compared to 38 132 units exported in July 2023.
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Naamsa has stated that this has been influenced by adverse weather conditions and declining exports to Europe, the domestic automotive industry’s top export region. The Eurozone GDP grew by only 0.3% in the second quarter of 2024, with Germany’s GDP contracting by 0.1%. The direction and performance of vehicle exports for the remainder of 2024 will remain closely linked to central banks’ gradual monetary easing in major markets.
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