Chery climbs! SA’s new-vehicle sales for December 2024
December 2024 represented the SA new-vehicle market’s 3rd consecutive month of year-on-year growth. Here’s your overview, including Mzansi’s best-selling automakers…
South Africa’s new-vehicle market recorded its 3rd consecutive year-on-year increase in monthly sales, with local registrations in December 2024 growing 2.5% to 41 273 units*. As expected, however, the year’s final month – which is traditionally a relatively low-volume sales period – was down markedly (some 15%, in fact) compared with November’s high of 48 585 units.
Ultimately, despite the uptick experienced in the final quarter, Mzansi’s new-vehicle sales for 2024 overall fell 3.0% year on year to 515 712 units. In addition, for the first time since 2020, the country’s new-vehicle exports declined, falling 22.8% year on year to 308 830 units (after dropping 4.3% year on year to 25 931 units in December*).
*On 27 January 2025, Naamsa issued an erratum revising December 2024’s total downwards by 181 units to a “corrected total” of 41 092 units (shifting the year-on-year gain to 1.9%). In addition, Naamsa revised the month’s export figure upwards, saying it actually increased 10.5% to 29 935 units. We’ve adjusted the chart below accordingly.
Naamsa says 88.4% of the total reported industry figure of 41 273 units in December 2024 represented dealer sales, while 8.1% were sales to the vehicle-rental industry, 2.1% to government and 1.4% to industry corporate fleets.
Yet again, the new passenger-vehicle market proved the driver of the industry’s year-on-year growth in December, gaining 8.2% to 29 775 units (10.9% of which came courtesy of the rental channel). The new light-commercial vehicle (LCV) segment, however, slipped 10.3% year on year to 9 136 units.
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Brandon Cohen, Chairperson of the National Automobile Dealers’ Association (NADA), suggested a key contributor to the overall decline in LCV sales was “the pullback of SA Taxi Finance, which prompted other financial institutions to follow suit”.
“This led to a sharp decline in taxi sales, which fell from well over 1 000 units per month to just a few hundred since March. Despite this, other LCV segments showed growth, partially offsetting the impact,” Cohen pointed out.
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He futhermore noted that sales figures for December and January often “lacked clarity” due to variations in reporting cut-off dates. “To gain a more accurate understanding of end-of-year trends, it is generally better to combine the figures for both months and calculate an average,” Cohen explained.
That said, the NADA executive described December’s performance as a “disappointing conclusion to a year in which we had hoped for growth. However, the last 3 months showed positive momentum, with overall sales improving each time, led by passenger car sales”.
New-vehicle sales summary for December 2024
- Aggregate new-vehicle sales of 41 273 units increased by 2.5% (1 011 units) compared to December 2023.
- New passenger-vehicle sales of 29 775 units increased by 8.2% (2 246 units) compared to December 2023.
- New light-commercial vehicle sales of 9 136 units decreased by 10.3% (1 052 units) compared to December 2023.
- Export sales of 25 931 units decreased by 4.3% (1 158 units) compared to December 2023.
10 best-selling automakers in SA in December 2024
Toyota stayed firmly on top in the final month of the year, registering 11 422 units (including Lexus and Hino sales) across the country in December. That represented the 9th time the Japanese giant cracked 5 figures in 2024, a feat no other automaker managed even once. The Volkswagen Group (4 832 units, including Audi sales) retained 2nd place last month, with Suzuki (4 514 units) just 318 registrations behind in 3rd.
Hyundai (2 826 units) climbed a ranking to 4th, pushing Ford (2 607 units) down a place to 5th. Meanwhile, Chery (1 867 units), GWM (1 686 units) and Kia (1 496 units) each moved up a position to 6th, 7th and 8th, respectively, thanks to Isuzu’s (1 364 units) slide down to 9th. Finally, Renault (1 105 units) again closed out the table.
For the record, December represented the 2nd time this year that Chinese firm Chery ranked 6th overall after having first achieved this position in April (when it registered its best month of 2024 with 2 009 sales).
Indian automaker Mahindra (1 054 units) again found itself just outside the top 10, ahead of the BMW Group (990 units) in 12th and Nissan (807 units) all the way down in 13th. Omoda & Jaecoo (655 units) retained 14th, finishing ahead of Stellantis (554 units), with Mercedes-Benz again failing to crack the top 15.
1. Toyota – 11 422 units
2. Volkswagen Group – 4 832 units
3. Suzuki – 4 514 units
4. Hyundai – 2 826 units
5. Ford – 2 607 units
6. Chery – 1 867 units
7. GWM – 1 686 units
8. Kia – 1 496 units
9. Isuzu – 1 364 units
10. Renault – 1 105 units
Sales outlook in South Africa for 2025
According to Naamsa, the “confluence of positive economic indicators and the resilience of the volume passenger-car segment during the last quarter of 2024 suggests a potential rebound for the new vehicle market in 2025”.
“The South African Reserve Bank’s 2 interest-rate cuts towards year-end, the first in 4 years, coupled with easing inflation, has created a more favourable economic environment,” says Naamsa, adding that “lower fuel prices have bolstered consumer confidence and disposable income” (with petrol prices “at the lowest point they have been in nearly 3 years in 2024”).
“Further interest-rate cuts in 2025 would support vehicle affordability across all the various segments. The domestic outlook for 2025 is expected to improve, driven by a revival in business and consumer sentiment stemming from improvements in the country’s key economic indicators,” says the industry representative body, stating that “with an improved GDP growth rate of around 1.5% projected for 2025, the new-vehicle market would likely improve by single digits compared to the level of 2024”.
NADA’s Cohen, meanwhile, agrees that “annual vehicle sales in South Africa typically align with the country’s GDP, and this was again the case in 2024”. Still, he suggests “meaningful growth is unlikely until the overall economy is revived, and we transition into a growth phase for our GDP”.
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“The coming year will be intriguing, with local industry wage negotiations and changes in the US administration adding to the complexities. Managing consumer demand amid rising cost pressures remains challenging for our retail dealers. Consumers are increasingly opting for smaller, more affordable vehicles or high-quality pre-owned models to navigate economic constraints, which, in turn, places pressure on retailers’ bottom lines,” Cohen points out.
He adds that stabilising inflation, potential further reductions in interest rates and easing energy constraints might offer some relief for both consumers and businesses. However, global factors such as volatile oil prices, geopolitical tensions and ongoing conflicts remain “potential disruptors” to the sector in the months ahead.
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Cohen furthermore remarks that dealerships offering flexible financing options and aligning inventory with affordability trends will maintain a competitive edge. “We are also seeing some OEMs [original equipment manufacturers] adjusting pricing to counter more affordable Chinese alternatives, and I expect this trend to continue into 2025,” he concludes.
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