SpaceX awaits disclosure of first post-IPO financial report amid AI market caution

The new vehicle market in South Africa continued its steady growth in July, demonstrating another month of double-digit sales increases. According to data published by Naamsa, 57,708 new cars were sold in July 2026, which is 11.9% more than in the same month last year.

Passenger cars led the growth, with sales increasing by 12.5% to reach 40,912 units. This marked the highest figure since September 2014. Notably, the rental industry contributed significantly to the passenger car segment, accounting for 13.8% of the total market volume.

Light commercial vehicles and bakkies showed a growth of 10.6% compared to July 2025, achieving 13,710 sales. Medium commercial vehicles increased their sales by 19.4% year-on-year (843 units), while heavy commercial vehicles grew by 7.0% year-on-year (2,097 units).

In July, 84.8% of total new car sales came from dealership sales, followed by the rental industry (11.2%), government sales (2.2%), and corporate fleets (1.8%).

Top Car Sellers in July 2026

Toyota demonstrated an outstanding month, increasing total sales by 13.9% year-on-year to reach 14,142 units. Suzuki was second, increasing sales by 5% to 5,994 units. Volkswagen took third place with sales of 5,799 units. Hyundai and Ford rounded out the top five, while Chinese brands Chery and GWM ranked sixth and seventh, respectively.

The top 15 car manufacturers in July 2026 looked like this: Toyota — 14,142; Suzuki Auto — 5,994; Volkswagen Group — 5,799; Hyundai — 3,058; Ford Motor Co — 2,927; Chery Auto — 2,709; GWM SA — 2,504; Isuzu Motors — 2,435; Jetour SA — 2,034; Kia SA — 1,920; Omoda & Jaecoo — 1,502; Mahindra — 1,458; Renault — 1,360; BMW Group — 1,256; BYD — 860.

Affordability Became More Important Than Ever

According to Naamsa, the combination of increased inflation, a pause in monetary policy tightening, and a significant drop in fuel prices in July created a heterogeneous consumer environment. This forces buyers to balance affordability constraints against reduced running costs when making purchasing decisions.

As a result of this trend, demand is growing for compact and economical passenger cars, value-oriented brands, and more flexible and innovative financing schemes. Naamsa notes: 'As affordability considerations become more prominent, vehicle purchase decisions are determined not only by initial acquisition costs but also by total cost of ownership and the availability of innovative financing structures, including extended loan terms and balloon payment plans, as households adapt to maintain personal mobility.'

Decline in Export Sales

Naamsa data indicates that car exports remained under pressure in July, declining by 11.6% year-on-year to 32,801 units. Furthermore, exports fell by 2.2% month-on-month, which the industry organization attributes to weakened demand in key European markets.

Base Power has announced the release of one of the most powerful and large home batteries, named Base Core. This launch coincides with the company raising $1 billion, which will be directed towards placing batteries in residential homes across the United States.

The current US energy system is under significant strain due to growing demand driven by artificial intelligence data centers and the widespread adoption of electric vehicles. Building new gas power plants will take a long time, creating a problem for utility companies. Base offers a solution to this problem by installing batteries directly in people's homes.

The Base Core has a capacity of 39.2 kWh, making it one of the largest home batteries on the market. When two such units are connected, the total capacity reaches 78.4 kWh, allowing the house to be powered for several days. Besides its size, the Base Core is not just a backup device; it is originally designed for integration into the main power grid.

The Base Core home battery performs two functions simultaneously: it provides lighting during power outages and helps maintain grid stability during sudden increases in consumption. This is achieved through three key features: installation takes less than an hour, simplifying scaling without needing many electricians; the system automatically switches over during a power loss; and it can withstand extreme weather conditions. The product is also noted for its accessibility.

Core production takes place in America, specifically at Base Plant 1 in Austin. According to the company, residents can expect to receive thousands of units monthly. Since production is located in the US, buyers do not have to face supply chain issues or long delivery waits.

Base has been working on the Core product for about a year. Over 500 kWh has already been installed, and the company's operations have expanded beyond Texas into Illinois. Furthermore, Base has secured partnerships, such as with El Paso Electric and CoServ, providing over 200 MW of capacity.

The company's revenue is generated from two sources: the sale and installation of batteries, and receiving payments from utilities for operating these systems. For homeowners, the appeal lies in protection against outages and reduced bills, while for utilities, it represents the opportunity to gain megawatts immediately rather than in the future.

The $1 billion funding round is atypical for energy sector equipment, as is the company's valuation. This funding round was led by Ribbit, Addition, Valor Equity Partners, and JPMorganChase Strategic Investments Group. Other participants include Altimeter, Coatue, a16z, Thrive, and Lightspeed.

JPMorgan's participation is particularly noteworthy because they are investing through their Security and Sustainability Initiative. Their approach focuses not on consumer technology but on infrastructure. Distributed batteries fall under the category of power lines and substations. The total amount raised by Base exceeds $2.5 billion. These funds will be used to create more Core units, hire additional specialists, and expand operations into new cities.

The Kuwait Ministry of Commerce and Industry announced on Monday, August 3rd, the recall of three Land Rover vehicle models due to safety issues.

The recall affects Range Rover models from 2022–2027, Defender models from 2020–2027, and Discovery models from 2021–2027. Defects were found in the airbag system of these vehicles, with the ministry specifying that the connector may corrode over time.

Authorities strongly urged drivers to bring their vehicles for inspection, where corrective work will be performed free of charge according to manufacturer instructions. Vehicle owners are advised to contact Ali Mohammad Thunayan Alghanim & Sons Automotive Co. at the hotline number 1846464 and make an appointment in advance.

Land Rover models are manufactured by the British automaker Jaguar Land Rover (JLR), which is owned by the Indian company Tata Motors.

Previously, 96 Audi Q5 2025 vehicles were recalled in Saudi Arabia after a problem with the front seatbelt fuse was discovered. This defect could potentially lead to the weakening of the fuse after activation, reducing the effectiveness of the seatbelt system and increasing the risk of injury in a collision.

Furthermore, earlier this year, residents of the UAE were affected by a global recall of the German automotive giant BMW due to a potential fire risk associated with the engine starter.