Standard Bank yesterday said the proportion of Chinese cars being sold in South Africa is on the increase, highlighting popularity of vehicle brands from the Asian country against the backdrop of data from the Automotive Business Council (Naamsa), which showed SA car sales volumes declining in the second quarter.
The South African auto industry is banking on interest cuts expected for later this month to boost vehicle sales volumes. This after the countrys auto sales for the month of August slumped by 4.9% compared to the same month a year ago.
According to Naamsa, aggregate domestic new vehicle sales in August fell by 2 266 units to 43 588 units, down from the 45 854 vehicles sold in August 2023.
In spite of this, Chinese car brands were experiencing a surge in popularity across South Africa, defying market challenges, said Standard Bank, which finances vehicle purchase schemes.
Despite overall retail sales facing pressure, the number of Chinese cars financed by Standard Bank Vehicle Finance has consistently increased year-on-year since 2022, said the bank.
