Pakistan car sales up 50% in 11 months
KARACHI: Sales of locally assembled cars in Pakistan jumped 50% in the 11 months (July-May) of 2021/2022 compared to the same period of the previous financial year, according to data released on Monday.
Car sales climbed to 250,888 units in the first 11 months of the current fiscal year, compared to 167,647 units in the corresponding months of the previous fiscal year.
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Analysts believed that the surge in sales of locally assembled cars in 11 months to the macroeconomic recovery.
Car sales in Pakistan (including sales of non-PAMA members) reached 27,000 units, almost flat month-on-month (MoM) in May 2022 amid car prices higher and Eid holidays at the beginning of the month. The same is up 46% year-over-year.
Topline Securities analysts believe that the economic downturn, rising interest rates and further tightening of financing needs by SBP will have a significant impact on car sales in the future.
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Hyundai Nishat posted strong numbers registering a 33% MoM increase, driven by increased sales of Elantra (+148% MoM) and Sonata (+37% MoM).
Honda Atlas Car (HCAR) posted the second highest increase of 11% per month to 2,910 units in May 2022, driven by an 18% increase in City & Civic sales per month. Similarly, Indus Motors (INDU) also recorded a 2% increase MoM due to Corrolla and Yaris sales increasing 4% MoM.
Pak Suzuki (PSMC) was the only player to see a 3% MoM drop to 12,212 units in May 2022. All of the company’s variants saw a drop on a month-to-month basis except for Wagon-R and Alto, where sales were up 24% and 9% month-on-month, respectively.
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Among tractors, Millat Tractors (MTL) recorded an increase of 12% MoM while Al Ghazi Tractors (AGTL) recorded a decrease of 8% MoM.
Bicycle sales in Pakistan fell 2% MoM while remaining flat year on year in May 2022. This brings bicycle sales from 11MFY22 to 1.7 million units, down 4% year on year.
Truck and bus sales increased 3% month-on-month and 23% year-on-year in May 2022. This brings sales of the 11MFY22 to 5,909 units, up 50% year-on-year, thanks to a increased transport activity.
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