New vehicle sales fell by 6.1 percent on a yearly basis to 54,112 units in July. But exports increased by 24.4 percent.
The outlook for vehicle sales for this year remains unfavourable mainly due to weak economic growth, low confidence, generally still fragile household finances and
higher borrowing costs.
Liabo Setho spoke to Simphiwe Nghona, executive head of WesBank's motor division about what this sharp drop means for the consumer and industry as whole.
He says given the economic climate, its not surprising that sales have sharply declined.
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- South Africa