SA's prospects are bleak in 2024, says Motus, who's pleased with its push offshore

SA's largest vehicle dealer Motus said on Tuesday while its share of the local new vehicle market has slipped amid tough competition for the spending of battered consumers, it's still pleased about its resilience after years of diversification efforts.

The exclusive SA importer of Hyundai, Renault, Kia and Mitsubishi said on Tuesday new local vehicle sales fell 10% in its six months to end-December while its passenger-only market share slipped to 19.4% from 22%. During the period, the company had to contend with consumers trading down to cheaper models that it doesn't necessarily offer as they struggled with higher interest rates and growing indebtedness.

CEO Osman Arbee told News24 the result was off a high base, with the group having stock last year amid Toyota's factory shutdown and a semi-conductor shortage globally. With little growth in vehicle sales in SA expected this year, the group is eyeing 18% to 20% market share as the "new normal."