Car sales stabilise

After months of decline, the latest figures from the Motor Industry Association (MIA) are giving hope to the car market.

The MIA found 9340 vehicles were registered in July, and the market may begin to level out over the coming months. While this number is below the year-to-date monthly average of 10,315, it does suggest a stabilising trend within the industry. This is welcome news to the market, following consecutive record lows in new car sales.

With the economy in current crisis, the car industry has been holding out for positive news, and unfortunately, this is still the case for the Light Passenger (passenger cars and SUVs) sector. From 2023, it is down 29 percent to 6345. The MIA says this spotlights the reality of broader economic challenges.

Toyota holds the lead across the board. In July, the top 10 brands between passenger, SUV, and commercial cars were Toyota, Ford, Mitsubishi, Kia, Suzuki, Mazda, Nissan, Volkswagen, Hyundai, and GWM.