KEY FEATURES: THIRD QUARTER 2024

• Third quarter 2024 aggregate industry employment as at 30th September 2024 totalled 33,309
  reflecting an increase of 72 jobs compared to the 33,237 industry head count as at the end of June
  2024;
• Aggregate new vehicle sales during the third quarter 2024 recorded a decline of 2,4% compared to
  the corresponding quarter 2023 and an increase of 15,0% compared to the second quarter 2024;
• New energy vehicle [NEV] sales by 17 industry brands increased by 88,0% from 2,034 units in the
  third quarter 2023 to 3,824 units in the third quarter 2024;
• Average industry capacity utilisation levels during the third quarter 2024 continued to reflect the
  impact of supply chain disruptions caused by the ongoing port congestion and delays while a
  constraint domestic new vehicle market along with lower vehicle export volumes impacted differently
  on the different OEMs’ vehicle production volumes;
• Aggregate capital expenditure by the major light vehicle manufacturers in 2023 amounted to R5,2
  billion, linked to new generation model investments;
• South Africa’s global vehicle production market share increased from 0,65% in 2022 to 0,67% in
  2023, but its global vehicle production ranking remained at 22nd;
• Third quarter 2024 domestic vehicle production reflected a substantial decrease of 29,2% compared
  to the corresponding quarter 2023;
• Vehicle exports decreased by a substantial 37,1% in the third quarter 2024 compared to the
  corresponding quarter 2023 mainly due to a significant decline in exports to the EU as the Eurozone
  GDP grew by only 0,3% during the third quarter 2024 with Germany’s GDP contracting by 0,1%.; and
• 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 third quarter 2024 compared to the third quarter 2023 as well as
  automotive business conditions and the country’s economy in general for the next 6 months.

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