JSE-listed integrated automotive business Motus is optimistic about a pickup in the South African new vehicle market but that this will only happen from about July next year, even if there is a reduction in interest rates next month.
Motus CEO Osman Arbee said on Tuesday the group has not seen any pickup in the new vehicle market yet and referred to the new vehicle sales figures for August this year released on Monday.
Arbee said a 50 basis points reduction in interest rates next month will help create momentum in the market and better sentiment but that the greater market impact will be in the second half of next year "because people will feel better and will still want to spend money".
He added that the new car market is "quite flat" at the moment and believes total sales will end this year at between 500 000 and 520 000 units, compared to 530 000 units in 2022, 532 000 last year, and 512 000 units in Motus' financial year to end-June this year.
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