Vehicle production set to decrease further
The National Association of Automobile Manufacturers said vehicle production was expected to drop further...
The National Association of Automobile Manufacturers said vehicle production was expected to drop further this year which could see thousands of workers in the sector lose their jobs in the coming months.
It came after new vehicle sales for 2008 declined by a massive 20% compared to the previous year.
Naamsa had predicted car exports could decline by nearly a third this year.
“Conditions are likely to come under more pressure and will deteriorate further,” said the association’s Nico Vermulen.
Meanwhile, the retail motor industry’s Jeff Ousborne said people would not be buying cars until they had paid of some of their household debt.
“We had kind of hoped that with the interest rate reduction in December that we would have seen some sign of recovery,” said Ousborne.