Nov 19, 2024 The naamsa CEOs Confidence Index, naamsa, The Automotive Business Council, Mikel Mabasa
Naamsa - Quarterly review of business conditions
New motor vehicle manufacturing industry/automotive sector - 3rd quarter 2024
Third quarter 2024 aggregate industry employment as at 30th September 2024 totalled 33,309 reflecting an increase of 72 jobs compared to the 33,237 industry head count as at the end of June 2024.
Aggregate new vehicle sales during the third quarter 2024 recorded a decline of 2,4% compared to the corresponding quarter 2023 and an increase of 15,0% compared to the second quarter 2024. New energy vehicle [NEV] sales by 17 industry brands increased by 88,0% from 2,034 units in the third quarter 2023 to 3,824 units in the third quarter 2024.
Average industry capacity utilisation levels during the third quarter 2024 continued to reflect the impact of supply chain disruptions caused by the ongoing port congestion and delays while a constraint domestic new vehicle market along with lower vehicle export volumes impacted differently on the different OEMs’ vehicle production volumes.
Aggregate capital expenditure by the major light vehicle manufacturers in 2023 amounted to R5,2 billion, linked to new generation model investments.
South Africa’s global vehicle production market share increased from 0,65% in 2022 to 0,67% in 2023, but its global vehicle production ranking remained at 22nd.
Third quarter 2024 domestic vehicle production reflected a substantial decrease of 29,2% compared to the corresponding quarter 2023.
Vehicle exports decreased by a substantial 37,1% in the third quarter 2024 compared to the corresponding quarter 2023 mainly due to a significant decline in exports to the EU as the Eurozone GDP grew by only 0,3% during the third quarter 2024 with Germany’s GDP contracting by 0,1%.
The naamsa CEOs Confidence Index, as an in-house leading business confidence indicator of current and future developments in the domestic automotive industry, reflects the sentiment expressed by the naamsa CEOs for the third quarter 2024 compared to the third quarter 2023 as well as automotive business conditions and the country’s economy in general for the next 6 months.
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