Vehicle sales pick up as household debt increases

February 19, 2018, 6:21pm

Simonis Storm Securities has indicated that Namibian new vehicle sales increased in January breaking a trending decline witnessed in the 2017 business calendar.

Statistics provided by the brokerage firm’s junior analyst, Indileni Nanghonga, indicate that the sales ticked up by 5.5% month on moth to 881 units in January 2018.

Says the analyst, “On annual basis, vehicle sales declined by 3.2% in January compared to a 34.5% contraction in the prior year.”

Meanwhile, the slight increase during the month of January was observed in passenger, light commercial and medium commercial vehicles categories to 427, 427 and 14 units compared to 372, 402 and 11 units in the prior month.

Nanghonga also submits that the slight increase in the monthly vehicle sales can be attributed to the new models in the market such as the Yaris.