naamsa Releases the Quarterly Review of Business Conditions Report for Quarter 4, 2023

Industry vehicle sales, export, and import statistics for 2015 through 2023, together with current projections for 2024 and 2025, are reflected on the attachment to the submission.


  • Aggregate new vehicle sales during the fourth quarter 2023 recorded a decline of 5,4% compared to the corresponding quarter 2022 and a decline of 3,5% compared to the third quarter 2023;
  • New energy vehicle [NEV] sales by 19 industry brands increased by 59,9% from 1,582 units in the fourth quarter 2022 to 2,529 units in the fourth quarter 2023;
  • Fourth quarter 2023 aggregate industry employment as at 31st December 2023 totalled 33,379 reflecting a decline of 241 jobs compared to the 33,620 industry head count as at the end of September 2023;
  • Average industry capacity utilisation levels during the fourth quarter 2023 reflected the supply chain disruptions caused by port congestion and container backlogs on vehicle production while the ongoing global semi-conductor shortage impacted OEMs differently.
  • Aggregate capital expenditure by the major light vehicle manufacturers in 2023 amounted to R5,2 billion, linked to new generation model investments and associated model cycles;
  • Vehicle exports increased by a sound 24,9% from the fourth quarter 2022 to the fourth quarter 2023, contributing to the record 399,594 units exported in 2023;
  • The naamsa CEOs Confidence Index, as an in-house leading business confidence indicator of current and future developments in the domestic automotive industry, reflects the sentiment expressed by the naamsa CEOs for the fourth quarter 2023 compared to the fourth quarter 2022 as well as automotive business conditions and the country’s economy in general for the next 6 months.

naamsa 4th Quarter Review of Business Conditions 2023

Industry Vehicle Sales - 2015 - 2025 - Actual and Projections 4th quarter 2023