Cape Town - The domestic automotive industry is holding up relatively well in the current difficult economic environment, the National Association of Automobile Manufacturers of SA (Naamsa) said on Tuesday.
It pointed out that domestic new vehicle sales were closely correlated with the overall performance of the economy and confidence levels.
"The fundamental challenge confronting the country at present is lack of confidence – on the part of business and consumers. Concerted steps are required by business, government and labour to create a more investor-friendly environment as a means of boosting growth. The improvement in new car sales and the strength in recent months in the light commercial vehicle segment were, therefore, most encouraging," said Naamsa.