South African Airways places CEO on special leave, and Porsche to end production of one of its cars

Mercedes-Benz’s sales have plummeted 81% in South Africa over the last 12 years due to a stagnant economy and an influx of new Chinese competitors entering the luxury segment at cheaper prices.

Over the last 12 months, Mercedes-Benz South Africa has sold 5,368 units, a massive reduction from the 28,993 it sold in 2014.

The brand has also pivoted its strategy to focus on low-volume, high-margin models like the S-Class, and sales for historically popular models like the C-Class sedan have fallen amid growing demand for SUVs.

Brent Crude oil is trading at below $89 per barrel today. Prices have fluctuated following fresh fighting in Lebanon and attacks on vessels in the Strait of Hormuz, including ones affiliated with the Abu Dhabi National Oil Company.

Negotiations between the United States and Iran appear to be at a standstill, with the war stretching into its sixth month. Iran and Oman are working on a deal to manage Hormuz, but the US is expected to reject any proposals that don’t restore free passage.

The rand has continued to strengthen against the US dollar, falling to R16.14 per USD as markets speculate the US Federal Reserve will hold interest rates.

5 important things

New laws in Cape Town let the city impound your car for breaking these rules: The City of Cape Town has published an amended by-law in the Provincial Gazette outlining the provisions for impounding vehicles for various traffic infractions. [TopAuto].

The 129-year-old train station that has been rebuilt twice: Johannesburg’s original train station, the Park Station, opened in 1897, was later moved in 1952 and 1993. It fell into disrepair but has since been revitalised as an event venue for markets and performances. [BusinessTech].

Porsche to end production of the Taycan range: The Porsche Works Council has agreed in principle with a plan to end production of the all-electric Taycan by 2030 due to lower EV interest and the rise of cheaper Chinese competitors. [CleanTechnica].

South African Airways Places Acting CEO on Special Leave: The board of SAA has placed its acting CEO, Matshela Seshibe, on special leave with immediate effect, “pending the outcome of an internal process,” according to an official statement. [Bloomberg].

South Africa’s top court blocks Shell’s Wild Coast exploration plans: The Constitutional Court has blocked Shell’s offshore exploration along the Wild Coast after years of legal challenges by local communities and environmentalists. [Reuters].