Vehicle rental agencies, of which the main business focus is the tourism sector, purchased only three new units in December 2023 – a month during which a total of 841 new vehicles were sold. The 841 units represent a decline from the 1 169 recorded in November 2023 and the 952 sold in December 2022....
During the entirety of 2023, the automotive market in Namibia witnessed a significant uptrend in new vehicle sales, a report released by Simonis Storm last week highlights. The year concluded with a total of 12,780 new units being sold, marking an increase of 17.0% y/y from the 10,923 units sold in 2022. “This total sales...
Namibia’s vehicle sales increased by 17% in 2023 to 12,775 units compared to 10,919 units sold in 2022, according to latest data. This marks the highest total of new vehicles sold in the country since 2017. During the year, December 2023 witnessed a downturn, with a year-on-year decline of 11.7% and a month-on-month drop of...
Stefanus Nashama Tom Alweendo, the Minister of Mines and Energy, has called upon the G7 member states to reconsider their decision regarding measures to restrict the sale of Russian diamonds. He urged them to engage with all diamond-producing countries to discuss the specifics of the proposed measures and their potential impact on economies and people’s...
Martin Endjala In November 2023, the automotive market experienced a notable upswing, with vehicle sales surging by 12.4 percent. This positive shift comes after four consecutive months of decline. In contrast to the previous month’s downturn of -12.5 percent, the sales recorded a substantial increase of 27 percent. Economist Halleluya Ndimulunde reported that the total...
Amid a rebounding automotive market in Namibia, the heavy commercial vehicles (HCV) sector faced a pronounced downturn, recording a steep 37.5% y/y decrease in units sold. This is according to a report by Simonis Storm which further highlights that in a striking contrast, the light commercial vehicles (LCV) segment emerged as the dominant growth driver,...
The total number new cars sold from January to November total 11,944, marking it the most robust performance since the noteworthy figure of 12 224 recorded back in 2017. This success is particularly striking given the prevailing economic challenges, including high interest rates, and rising inflation, Simonis Storm Securities said this week. In December, the...
The Namibian vehicle market experienced a rebound in new vehicle sales in November 2023, marking a significant turnaround after four consecutive months of decline. According to the latest report from Cirrus Capital, sales surged by an impressive 12.1% year-on-year and 27.0% month-on-month, bringing the total number of units sold to 1,171. “The significant increase in...
Vehicle sales got off to a subdued note in the fourth quarter of 2023 with new vehicle sales for October marking the fourth consecutive month of decline, totalling only 922 units – a 12,5% month-on-month (m/m) reduction, following a 4,3% m/m decrease is September. According to Simonis Storm Securities economic researcher Halleluya Ndimulunde, on an...
Toyota remains the leader in the Namibian automotive industry, accounting for 50% of total sales, a latest automotive report by Simonis Storm reveals. Volkswagen follows with a meagre 11% of the market share, while Ford accounts for 7%. “Consumer demand for Toyota vehicles outperform the market, mainly due to its reliability and longevity aspects which...