Key message: Vehicle sales recover slightly in May after a total collapse in April.

  • NAAMSA released May 2020 new vehicle sales. Total vehicles sales declined by 68%, with passenger sales down 65.4%. Vehicle exports declined by 64.1%. Light Commercial sales declined by 74.8%.
  • Passenger vehicle sales are down 35.4% for the year to date.
  • The Motus Import Basket (Hyundai, KIA, Renault, Mitsubishi) declined by 53.4%. Hyundai and Kia market share was high at 20%.
  • Our Affordable and Premium baskets are running at 12-mnth moving averages down 10% and 24.2% respectively. Sales of affordable cars may be impacted by expected significant rental car de-fleeting in that segment.
  • Level 3 allows for almost full service to resume for car dealerships and car rental companies. June should see a meaningful recovery in car sales, although durable goods sales are likely to be under pressure for the remainder of the year.
  • Sales to rental fleets was 1.9%, low relative to a normal 20% and reflective of rental fleets operating at 30% or lower utilisation rates.

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