Reflecting on the new vehicle sales statistics for July 2024, the slight improvement in new vehicle sales figures could be the turning point for an improved second half of the year.
Total domestic new vehicle sales in July 2024 at 44 229 units, reflected an increase of 657 units, or a gain of 1,5%, comparing to the vehicles sold in July 2023.
In July 2024,- 29 934 new passenger vehicles were sold which registered an increase of 1 894 cars, or a gain of 6,8%, compared to new cars sold in July 2023.
Sales for medium and heavy truck segments of the industry performed weaker in July 2024. The medium commercial segment sold 641 units comparing to the 686 units sold in July 2023 and heavies recorded 2 100 units, a decrease of 45 units from the 686 sold in July 2023.
The July 2024 exports sales at 25 461 units reflected a decrease of 12 672 vehicles, or a loss of 33,2%, compared to the 38,132 vehicles exported in July 2023. Year to date, vehicle exports were now 13,5% below the corresponding period 2023.
All the signs of an interest rate cut in South Africa point to one month
The USA’s Federal Reserve will likely cut interest rates in September, boosting South Africa’s prospects of a rate cut in the same month which will hopefully lead to an increase in consumer spending for the balance of the year.
Good news for petrol prices in South Africa this week
Petrol prices should be coming down by between 7 and 11 cents per litre on 7 August while wholesale diesel prices are set to be cut by between 9 and 22 cents per litre.
It will also prove to be more positive for the country overall, as lower fuel prices have a positive impact on inflation, which in turn should accelerate the South African Reserve Bank’s move to cut interest rates.
The expected declines are owing to a relatively stronger rand versus the dollar when compared to June, and flat global oil prices, which have come down during the course of July.
Bakwena invests R300m to enhance safe travels on the N1/N4 route
With a dedicated investment of R300m for 2024, ongoing construction and maintenance efforts are already delivering safer and smoother journeys for all road users.
Bakwena prioritise regular maintenance and rehabilitation to ensure continuous safe passage, including periodic and routine maintenance and upgrades.
This also provides significant economic and social benefits, ultimately saving the country millions of rands in the long term.
Mid-year update
- Resurfacing project: The resurfacing of the eastbound section between Buffelspoort and Majakaneng was completed on time and within budget in March 2024. Remedial activities will start soon.
- Lane upgrades: The enhancements to Murrayhill and Hammanskraal ramp plazas are progressing well and are expected to be completed by October/November. These upgrades will enhance accessibility to and from the N1.
- Bridge maintenance: Ongoing maintenance across all bridges on the N1N4 route ensures their continued safety and functionality.
- N1 special maintenance: The maintenance between Kameeldrift and Proefplaas interchange is complete, with line markings scheduled for August 2024.
- Abnormal vehicle lane repairs: Repairs to the extra-wide lanes at Doornpoort eastbound and Carousel northbound are in progress, with alternative routes available via the R101.
Solomon Kganyago, Chief operator officer of Bakwena said that Road user safety is their top priority, and encourage road users to adhere to the traffic accommodation road signs, obey speed restrictions that have been implemented and to exercise caution and patience whilst undertaking these works.
Once again, as always a big thank you to Naamsa for accurate and on time reporting as well as Businesstech and Bizzcommunity for their valuable newsfeeds.
