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Quarterly Review of Business Conditions: New Motor Vehicle Manufacturing Industry 4th Quarter 2023

Herewith is a copy of NAAMSA’s quarterly review of business conditions for the South African motor vehicle manufacturing industry, during the fourth quarter of 2023, as submitted to the Director-General, Department of Trade, Industry and Competition.

Industry vehicle sales, export, and import statistics for 2015 through 2023, together with current projections for 2024 and 2025, are reflected in the attachment to the submission.  

KEY FEATURES: FOURTH QUARTER 2023

  • Aggregate new vehicle sales during the fourth quarter of 2023 recorded a decline of 5,4% compared to the corresponding quarter of 2022 and a decline of 3,5% compared to the third quarter of 2023;
  • New energy vehicle [NEV] sales by 19 industry brands increased by 59,9% from 1,582 units in the fourth quarter of 2022 to 2,529 units in the fourth quarter of 2023;
  • Fourth quarter 2023 aggregate industry employment as of 31st December 2023 totalled 33,379 reflecting a decline of 241 jobs compared to the 33,620 industry headcount as of the end of September 2023;
  • Average industry capacity utilisation levels during the fourth quarter of 2023 reflected the supply chain disruptions caused by port congestion and container backlogs on vehicle production while the ongoing global semiconductor shortage impacted OEMs differently.
  • Aggregate capital expenditure by the major light vehicle manufacturers in 2023 amounted to R5,2 billion, linked to new generation model investments and associated model cycles;
  • Vehicle exports increased by a sound 24,9% from the fourth quarter of 2022 to the fourth quarter of 2023, contributing to the record 399,594 units exported in 2023;
  • 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 fourth quarter of 2023 compared to the fourth quarter of 2022 as well as automotive business conditions and the country’s economy in general for the next 6 months.
     
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