New car sales numbers not as good as they look, says Nedbank
Bank says the bounce is from a low base due to the Covid-19 pandemic
Do not get overexcited by the apparent surge in new-vehicle sales, says Nedbank. It is not as good as it looks.
Figures released on Thursday by the Automotive Business Council show that, in June, sales of cars and commercial vehicles totalled 38,030. That was 20.2% more than the 31,643 a year earlier. Counted separately, car sales improved 28%, from 19,134 to 24,482. The bakkie market grew much more slowly, as did the market for trucks...