According to the National Association of Automobile Manufacturers of South Africa (NAAMSA), vehicle sales rose to 2092 from 1912 in September.
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“The 9.4 per cent increase in sales m-o-m was a result of a major increase in light commercial vehicles,” read the NAAMSA’s Namibia New Vehicle Sales – October 2014.
The report also noted the annualised growth figures for total vehicles sales remaining positive at 44.7 per cent, with total commercial vehicles (TCV) increasing by 73.1 per cent – the highest growth rate since February 2014.
“During October, sales within the TCV category accelerated as a result of the light commercial vehicles which increased by 75.3 per cent y-o-y,” added the report.
“Although the monthly movement only indicated a 9.4 per cent increase, sales increased from 1045 units to 1148 units setting a new high within the series.”
NAAMSA said sales in this category are speculated to remain elevated due to demand pressures of the national elections.
The report also saw passenger vehicles as having increased to 843 units from 765 units, a 10.1 per cent increase m-o-m and and an 18.9 per cent increase y-o-y.
According to the report, on average, vehicle sales prices have increased by seven per cent since last year.
Within the passenger vehicle category, there are certain vehicle types that have recorded 26 per cent increase in sales thus reinforcing that demand greatly outstrips the supply within the market.
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The total value of vehicles sold is estimated at 683 million Namibian dollars during the month of October.
At the beginning of the year, government indicated that it would be spending 0.9 billion Namibian dollars on vehicles the rest is split between household consumers and businesses.
Year-to-date, Namibia is estimated to have spent 5.8 billion Namibian dollars.