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New vehicle sales gather speed

Johannesburg - South Africa's total new vehicle sales increased by 20.7% year-on-year to 50 228 units in May, the National Association of Automobile Manufacturers (Naamsa) said on Monday.

Naamsa said new car sales saw the highest daily selling rate in over four years as new models came into the market, while exports rose by 2.5% compared to May last year.

The sharp drop in the rand is likely to see consumers bring forward decisions to buy a new car as the weaker currency makes imports more expensive. The same happened in September when the rand dropped to the R8 level.

The rand was at R8.58 against the dollar on Monday, recovering slightly from a three-year low of R8.71 hit on Friday.

 
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Rand - Dollar
18.97
-0.4%
Rand - Pound
23.98
-0.3%
Rand - Euro
20.51
-0.2%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
906.75
+1.1%
Palladium
1,015.63
+1.4%
Gold
2,206.97
+0.6%
Silver
24.60
-0.2%
Brent Crude
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Top 40
68,261
+0.9%
All Share
74,453
+0.7%
Resource 10
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Industrial 25
103,989
+0.7%
Financial 15
16,492
-0.2%
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