Market expected to rise above pre-Covid-19 levels
New-vehicle sales will grow by at least 16.3% this year, lifting the market above pre-Covid levels and launching a period of sustained growth, Toyota SA CEO Andrew Kirby predicted on Thursday.
Speaking at Toyota’s annual industry briefing in Kyalami, he expected 2022 sales to reach 540,000 — up from 464,469 in 2021. That would take it beyond the 536,612 of 2019.Before Covid-19, the market had been in decline since peaking at 649,217 in 2013. Like 2021, Kirby is much more bullish than other analysts.
Kirby said his 16.3% was actually a conservative estimate. If the global motor industry could overcome a shortage of components, including semiconductor microchips, international shipping services could return to some level of normality, and the SA government could energise the economy, consumer demand could elevate sales well beyond his projected 540,000.
Kirby said above-inflation price rises could also affect demand — though he said Toyota would try to absorb many of the additional costs. The weak rand was increasing import bills for vehicles and components, steel prices had risen by over 20% in the 2021, and shipping container rates had risen up to 400%. He predicted that SA new-vehicle prices would rise 3%-5% in coming weeks, followed by further increases later in the year.
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