Quarterly car sales take hit from rate hikes October 31, 2007
Vehicle sales fell 11 percent to 102 145 units in the third quarter, as fewer people took out car loans because of higher borrowing costs, the National Association of Automobile Manufacturers of SA (Naamsa) said yesterday.
“Car sales are expected to remain under pressure as a result of tight monetary conditions,” Naamsa said. The new National Credit Act cut into borrowing, it added.
Vehicle exports would probably decline 5 percent to 170 500 this year and rebound to 250 000 next year. Car exports dropped 43 percent last month, hit by an employee walkout in the components industry. – Bloomberg
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