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.
This story is from the September 05, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the September 05, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
US blamed for expo row
Analysts warn exclusion could have dire consequences for SA down the line.
4900 visas for critical skills jobs
South Africa has a list of almost 150 jobs considered by the department of employment and labour (DEL) to be in short supply.
Nsfas to decentralise
Department welcomes move, plans to set up regional, satellite offices.
Lawsuits cost health billions
Investigations stop R3 billion in fraudulent claims, parliament hears.
City face Inter reunion
Manchester City are braced for their Champions League reunion with Inter Milan at the start of an expanded tournament that will be \"so tough\" for the 2023 winners.
League Cup no inconvenience
Manchester United manager Erik ten Hag insisted he still believed English football's League Cup remained a \"significant\" competition.
State of rates in Africa
Africa’s largest economies to make changes for first time in years.
RAF not about to 'implode'
»» Improvements not sustainable without legislative changes, says Letsoalo.
Can Superbalist grow?
Shein overtakes the SA retailer, while Bash is different kind of threat.
Crochet gets sex appeal
100% cotton yarn garments do not loose shape ina cold wash.