PORT ELIZABETH, South Africa – Sales of new vehicles in South Africa fell 20.3% in 2008, compared with year-ago, due to the global economic downturn, and the country’s auto makers are struggling to stay afloat. The 2008 result was in grim contrast to 2006, when new-vehicle deliveries soared to a record-breaking 650,000 units. The National Association of Automobile Manufacturers of South Africa (NAAMSA) cites high interest rates, coupled with rising prices and the effect of the global ...
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