Monday, December 4, 2023

Car sales increase 87% in July-August

According to figures given by the Pakistan Automotive Manufacturers Association (Pama), sales of domestically assembled/manufactured cars increased by 87% in the first two months of the current fiscal year.

Car sales grew by 87% over the first two months (July–August) of the current fiscal year, to 46,669 units, compared to the same period the previous year.

According to Pama, auto sales were down 13% month on month but up 85% year on year at 21,751 units.

According to analysts at Topline Securities, automobile sales were down month on month due to a high base, as Indus Motors and Pak Suzuki posted their highest-ever monthly sales in July 2021 due to the announcement of incentives in the budget and a big demand backlog.

Honda Atlas (HCAR) sales increased 40% year-over-year to 3,230 units in August 2021, due to the launch of the company’s new model, Honda City, during the month.

Hyundai Nishat increased by 53% month on month due to strong demand for its freshly launched automobiles, the Hyundai Elantra and Sonata.

Pakistan’s automobile sales increased by 85% year on year in August 2021, because of economic recovery, low borrowing rates, and the introduction of new models.

Car sales surged 87% year on year to 46,669 units in the first two months of FY22.

Similarly, bike sales increased 2% MoM and 5% YoY to 148k units. ALTH sales increased 18% year on year to 100k units in August 2021.

Trucks and buses were down 27% months on month, but up 54% year on year, as transportation activity stepped up and lockdowns lessened in August 2021, compared to the previous year.

Tractor sales increased 17% year on year but decreased 23% month on month to 3,316 units. MTL sales were down 9% year on year and 31% month on month.

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