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Category: Automotive

PkRevenue provides stories related to automotive industry. We focus on auto policy of Pakistan. The coverage also includes sales of domestic manufacturing.

  • Customs to auction confiscated vehicles on March 24

    Customs to auction confiscated vehicles on March 24

    ISLAMABAD: Pakistan Customs, Hyderabad Collectorate has announced auction of confiscated motor vehicles to be held on March 24, 2022 at State Warehouse Hyderabad and Sukkur.

    The collectorate will auction the following vehicles:

    READ MORE: Quetta Customs I&I to auction motor cars on March 17

    01. Foreign origin (F/o) Toyota Vitz Car, bearing registration No.AXS-962, chassis No.SCP90-0004026, H.P-1300CC, Model-2005.

    02. F/o Toyota Hiace Van, bearing registration number plate JF-6435, chassis No.RZH183-0002755, HP-2440 Model-2003.

    03. F/o NDP vehicle Swift Car, bearing registration number plate BAN-258, chassis No.ZC21S-155867, HP-1300CC Model-2007.

    READ MORE: Gwadar Customs auctions huge lot of vehicles on March 2

    04. F/o NDP vehicle Swift Car, bearing registration Number plate BDJ-190, Chassis No. ZC11S-180312, HP-1300 CC and Model 2006.

    05. F/o NDP Vehicle Toyota Prado TZ, Bearing Reg No. BF-9521, Chassis No. VZJ121-0004057, HP-3400 CC and Model 2002.

    06. Toyota Corolla GLi Car, bearing registration No.ANY-658, chassis No.ZZE121-9003367, HP-1500cc and Model-2005.

    07. F/o NDP Vehicle Toyota Land Cruiser Prado, Bearing Reg No.ZT-III, Chassis No.VZJ121-0002854, HP-3400cc and Model 2004.

    READ MORE: Customs to auction huge lot of motor vehicles on Feb 15

    08. F/o NDP Toyota Mark X car, bearing registration No. Plate AAP-240, chassis No.GRX121-1002004, HP-3000cc, Model-2004.

    09. F/o NDP vehicle Toyota Axio car, bearing registration No. Plate AAJ-661, chassis No.ZRE142-6007091, HP-1800cc, Model-2007.

    10. Toyota Vitz car, bearing registration No. Plate ARF-723, chassis No.JTGKW123203005557, HP-1300cc, Model-2004.

    11. F/o NDP vehicle Mitsubishi Mini Pajero, having registration No. plate JAF-393, chassis No.H58A-0202889, HP-660cc, Model- 2000.

    12. Toyota Corolla XLI Car, according to chassis No.NZE120-6023637, 1300cc manual transmission Model 2005 (but physically alter engine Automatic 1800cc) with fake registration No.AVP-916 (Accidential).

    13. F/o NDP vehicle Passo car, bearing registration No. Plate AVW-243, chassis No.KGC10-0040164, HP-1000cc, Model-2004.

    READ MORE: Customs I&I Multan to auction vehicles on February 09

    14. F/o NDP vehicle Passo car, bearing registration No. Plate AWX-953, chassis No.KGC10-0092870, HP-1000cc, Model-2005.

    15. F/o NDP vehicle Swift car, without registration No. Plate, chassis No.ZC11S-186500, HP-1300cc, Model-2007.

    16. F/o NDP vehicle Passo car, bearing registration No. Plate AXE-010, chassis No.KGC15-0002296, HP-1000cc, Model-2004.

    17. F/o NDP vehicle Passo car, bearing registration No. Plate AFY-971, chassis No.KGC10-0287554, HP-1000cc, Model-2009.

    18. F/o NDP vehicle Passo car, bearing registration No. Plate AYK-651, chassis No.QNC10-0002982, HP-1300cc, Model-2004 (As per inventory).

    19. F/o NDP vehicle Alto car, bearing registration No. Plate BQR-915, chassis No.HA36V-119134, HP-650cc, Model-2016.

    20. F/o NDP vehicle Aqua car, bearing registration No. Plate BEF-672, chassis No.NHP10-6082313, HP-1499cc, Model-2012.

    READ MORE: FBR exempts customs, regulatory duty on Afghan goods

    21. F/o NDP vehicle Alto Car, bearing registration No.BNQ-199, chassis No.HA36V-113529, HP-660cc, Model-2015.

    22. F/o NDP vehicle BMW Car, applied for registration, chassis No. WBANT12080CX30590, HP-4200CC, Model 2009 (As per Germany website) as per seat belt 2003.

    23. F/o NDP vehicle BMW 730 LI Car, bearing registration No. plate UN-68-421, chassis No.WBAKB220X0 CN74872, HP-2996CC, Model 2011(as per German webside).

  • Quetta Customs I&I to auction motor cars on March 17

    Quetta Customs I&I to auction motor cars on March 17

    ISLAMABAD: The Directorate of Intelligence and Investigation, Customs has announced auction of motor cars on March 17, 2022 to be held on Chaman Housing Scheme, Quetta.

    Following is the detail of motor cars to be presented for the auction:

    01. Carina Car (accidental & in poor condition), Chassis No. CT170-203846, Engine No. 1946537, Model 1991.

    02. Dahitsu Mira Car, Chassis No. JDAL2015000031905, Engine No. Not Traceable, Model 1994.

    READ MORE: Gwadar Customs auctions huge lot of vehicles on March 2

    03. Hino Trailer, Chassis No. FS3FKA-11822, Engine No. F20CE-17920, Model 1996.

    04. Land Cruiser (Cygnus Bullet Proof), Engine No. JTGCB09JX65002405, Engine No. N.T, Model 2006.

    05. Nissan Jeep, Chassis No. JLR50-004992, Engine No. N.T., Model 1998.

    06. Range Rover, Chassis No. SALLPAMJ3VA372646, Engine No. N.T., Model 1998.

    07. Toyota Corolla Altis Car, Chassis No. ZZE121-9012994, Engine No. 3ZZFE, Model 2005

    08. Toyota Corolla Car, Chassis No. EE90-0036489, Engine No. 2343412, Model 1991.

    READ MORE: Customs to auction huge lot of motor vehicles on Feb 15

    09. Toyota Corolla Car, Chassis No. KE55-766143, Engine N.T, Model N.T.

    10. Toyota Corolla Car (accidental & in poor condition), Chassis No. AE100-3209410, Engine No. N.T, Model 1993.

    11. Toyota Crown Majesta, Chassis No. UZS186-0011118, Engine No. 3UZ-FE, Model 2004.

    12. Toyota Fielder Car, Chassis No. ZZE122-0014947, Engine No. N.T, Model 2000.

    13. Toyota Hiace Van, Chassis No. JT721LHB300171861, Engine No. N.T, Model N.T.

    14. Toyota Hiace Van (accidental & in poor condition), Chassis No. LH61G-0008339, Engine No. 2L-1668916, Model 1982.

    15. Toyota Hiace Van (accidental & in poor condition), Chassis No. LH71B-0001253, Engine No. 2L-1043920, Model 1982.

    16. Toyota Land Cruiser, Chassis No. UZJ100-0117691, Engine No. 2UZFE, Model 2000.

    17. Toyota Land Cruiser, Chassis No. FJ45-240316, Engine No. N.T, Model N.T.

    READ MORE: Customs I&I Multan to auction vehicles on February 09

    18. Toyota Land Cruiser, Chassis No. JT111TJ3207404810 , Engine No. N.T, Model 1996.

    19. Toyota Land Cruiser Prado, Chassis No. VZJ195-0060970, Engine No. 5VZ-FE, Model 1999.

    20. Toyota Mark X Car, Chassis No. GRX120-0034825, Engine No. N.T, Model 2005.

    21. Toyota Mark X Car, Chassis No. GRX1211002280, Engine No. 3GRFSE, Model 2004.

    22. Toyota Mark-X Car, Chassis No. GRX121-1005643, Engine No. 3GRFSE, Model 2005.

    23. Toyota Mark-X Car, Chassis No. GRX120-0025640, Engine No. N/T, Model 2005.

    24. Toyota Mark-X Car, Chassis No. GRX120-0077315, Engine No. N.T, Model 2006.

    25. Toyota Premio Car, Chassis No. ZRT260-3025047, Engine No. N.T, Model 2017.

    26. Toyota Premio Car, Chassis No. ZZT240-0061554, Engine No. N.T, Model 2003.

    27. Toyota Premio Car, Chassis No.  ZZT240-0012752, Engine No. 1ZZFE, Model 2002.

    28. Toyota Sprinter Car, Chassis No. CE96-0092582 , Engine No. 1C, Model 1990.

    READ MORE: FBR exempts customs, regulatory duty on Afghan goods

    29. Toyota Surf, Chassis No. TRN215-0002810, Engine No. N.T, Model 2004.

    30. Toyota Vitz Car, Chassis No. SCP13-0037555, Engine No. 2SZFE, Model 2004.

    31. Toyota Vitz Car, Chassis No. SCP90-2067451, Engine No. 2SZFE, Model 2008.

    32. Nissan Skyline Car, Chassis No. HR34007067, Model N/T, Model 1999.

    33. Toyota Brevis, Chassis No. JCG10-0037382, Model N/T, Model 2001.

    34. Toyota Crown Car, Chassis No. GRS182-5000831, Model N/T, Model 2004.

  • Pakistan’s car sales surge 56% in eight months of FY22

    Pakistan’s car sales surge 56% in eight months of FY22

    KARACHI: Pakistan’s car sales recorded a surge of 56 per cent during first eight months (July – February) 2021/2022, according to data released by Pakistan Auto Manufacturers Association (PAMA).

    The data revealed that 178,250 cars were sold during the first eight months of the current fiscal year as compared with 113,905 units in the corresponding months of the last fiscal year.

    READ MORE: Pakistan’s car sales surge 61% in 7MFY22

    The sales of Pak Suzuki (PSMC) recorded an increase of 69 per cent to 94,408 units during July – February 2021/2022 as compared with 55,852 units in the corresponding period of the last fiscal year.

    Similarly, Indus Motors (INDU) showed sales of 49,499 units during the period under review as compared with 35,975 units in the same period of the last year, showing an increase of 38 per cent.

    READ MORE: Pakistan’s car sales up monthly highest ahead price hike

    Honda Cars and Hyundai have posted growth of 42 per cent and 137 per cent, respectively during the period under review.

    Analysts at Topline Securities attributed the growth in auto sales to macro recovery and single digit interest rates.

    On the other hand the car sales an increase of 32 per cent to 21,664 units when compared with 16,436 units in the same month of the last year, showing an increase of 32 per cent.

    READ MORE: New rates of FED on local, imported motor vehicles

    The increase in MoM sales is led by Pak Suzuki (PSMC) and Hyundai Nishat. PSMC posted strong numbers registering an increase of 40 per cent MoM led by increase in sales of Alto (+86 per cent MoM) and Cultus (+44 per cent MoM).

    The significant jump is due to ease of production issue compared to last month, we believe.

    Hyundai Nishat sold 1,469 units in Feb-22; up significantly 2.4x MoM. Tuscon and Elantra sales were up by 5.7x and 2.9x to 774 units and 312 units respectively amid greater acceptability of the new entrants. 

    Honda Atlas Car (HCAR) and Indus Motors (INDU) posted decline of 32 per cent MoM each during the month of February 2022.

    READ MORE: Mini-budget: Advance tax on motor vehicles doubles

    The sales of motorbikes and three-wheeler recorded a decline of three per cent to 1.23 million units during July – February 2021/2022 as compared with 1.27 million units in the corresponding period of the last fiscal year.

    The sales of same segment reported a decline of 12 per cent to 136,527 units in February 2022 when compared with 154,409 units in the same month of the last year.

    The sales of tractors recorded six per cent increase to 33,498 units in first eight months of the current fiscal year as compared with 31,576 units. However, the same recorded a decline of 54 per cent to 2,053 units in February 2022 when compared with 4,476 units in the same month of the last year.

  • Pakistan’s car sales surge 61% in 7MFY22

    Pakistan’s car sales surge 61% in 7MFY22

    KARACHI: Pakistan’s car sales have registered a massive growth of 61 per cent during first seven months (July – January) 2021/2022 owing to macro-economic recovery.

    The total car sales reported by Pakistan Automotive Manufacturers Association (PAMA), increased to 156,586 units during the first seven months of the current fiscal year as compared with 97,469 units in the same period of the last fiscal year.

    READ MORE: Pakistan’s car sales up monthly highest ahead price hike

    Analysts at Topline Securities attributed the surge in car sales to macro recovery and single digit interest rates.

    Pakistan car sales (including sales of Non-PAMA members) clocked in at 24,000 units, which is down 25 per cent MoM in January 2022.

    READ MORE: New rates of FED on local, imported motor vehicles

    The analysts said that the decline in MoM sales is due to high base and pre-buying on anticipation of price increase by auto-assemblers. Pakistan car sales as reported by PAMA was also down 25 per cent MoM.

    Pak Suzuki (PSMC) and Honda Atlas Car (HCAR) posted decline of 42 per cent and 14 per cent MoM respectively due to high base effect, and supply constraints for PSMC.

    Indus Motors (INDU) sales were up 9 per cent MoM in January 2022 led by increase in Fortuner and Hilux Sales. New entrant into Pak Auto space, Hyundai Nishat sold 612 units in January 2022; down 20 per cent YoY.

    READ MORE: Mini-budget: Advance tax on motor vehicles doubles

    Tractor sales in January 2022 are up by 11 per cent MoM (-5 per cent YoY). Al Ghazi Tractors (AGTL) recorded increase of 66 per cent MoM and 45 per cent YoY while Millat Tractors (MTL) sales declined by 9 per cent MoM and 22 per cent YoY.

    Pakistan bike sales were up 8 per cent MoM, while down 6 per cent YoY in Jan-2022. This takes 7MFY22 bike sales to 1.1mn units, down 2 per cent YoY.

    Trucks & Buses sales were up 132 per cent MoM and 114 per cent YoY in Jan-2022 led by increased transportation activity.

    READ MORE: Customs duty collection from imported vehicles surges by 95%

  • Customs to auction huge lot of motor vehicles on Feb 15

    Customs to auction huge lot of motor vehicles on Feb 15

    ISLAMABAD: Pakistan Customs announced auction of motor vehicles to be held on February 15, 2022 at State Warehouse Kohat, D I Khan and Bannu.

    The customs will offer following vehicles for the auction at State Warehouse, Kohat:

    1. Toyota Hiace Van, 1998, LHI13-0179739

    2. Honda Cross Road Car, RTI-1008189, Model 2008

    3. Toyota Vitz Motor Car, Chassis No. SCP13-0029994, Model 2004

    4. Audi Quattro Q7 (SUV), Chassis No. WAUZZZ4L39D030098, Model 2009

    5. Mazda Titan, Chassis No. WGLAN-101172, Model 1990

    6. Toyota Axio Fielder M/car, Chassis No. NZE141-9113264, Model 2009

    READ MORE: Customs I&I Multan to auction vehicles on February 09

    7. Toyota Fielder motor car, Chassis No. NKE165-8014761, Model 2015

    8. Toyota Fielder motor car, Chassis No. NZE141-9061323, Model 2007

    9. Toyota Corolla Motor Car, Chassis No. NZE121-3287834, Model 2004

    10. Toyota Fielder Motor Car, Chassis No. NZE121-0222323, Model 2003

    11. Toyota Axio Fielder Motor Car, Chassis No. NZE141-91-5548, Model 2008

    12. Toyota Primo Motor Car, Chassis No. ZZT240-0015649, Model 2002

    READ MORE: FBR exempts customs, regulatory duty on Afghan goods

    13. Toyota Vitz Motor Car, Chassis No. NSP130-2161079, Model 2014

    14. Toyota Swift Motor Car, Chassis No. ZC72S-117748, Model 2011

    15. Honda Cross Road Jeep, Chassis No. RTI-1001891, Model 2007

    16. Toyota Corolla Motor Car, Chassis No. NZE121-3203542, Model 2003

    17. Suzuki Alto Motor Car (damaged), Chassis No. HA35S-160033, Model 2013

    List of vehicles ripe for auction Customs State Warehouse D. I. Khan

    READ MORE: FBR notifies promotion of Customs officers to BS-20

    1. Mercedes Benz Motor Car, 2002, Chassis No. WDB22Q1752AQ31611

    2. Daihatsu Motor Car, 2006, Chassis No. M300S-0011917

    3. Toyota Corolla motor car, Chassis No. AE110-5338852, Model 1999

    4. Toyota Fielder Motor Car, Chassis No. NZE121-0364499, Model 2005

    5. Toyota Premio Motor Car, Chassis No. ZPT260-3032535, Model 2008

    6. Toyota Hilux Pickup, Chassis No. JT731LN8609007974, Model 1995

    7. Toyota Aqua Motor Car, Chassis No. NHP10-2106294, Model 2012

    8. Suzuki Pickup, Chassis No. DG51T-175289, Model 1991

    9. Suzuki Pickup, Chassis No. DB1T-129816, Model 1990

    10. Suzuki Pickup, Chassis No. DD51T-524559, Model 1997

    11. Suzuki Pickup, chassis No. DB51T-123352, Model 1990

    12. Suzuki Pickup, Chassis No. DD51T-459357, Model 1996

    13. Suzuki Pickup, Chassis No. DD51T-585622, Model 1998

    14. Suzuki Pickup, Chassis No. DA51T-132902, Model 1990

    READ MORE: FBR sacks director customs audit on NAB conviction

    15. Suzuki Pickup, Chassis No. DB51T-218643, Model 1991

    16. Suzuki Pickup, chassis No. DB51T-121814, Model 1990

    17. Suzuki Pickup, Chassis No. DD51T-544871, Model 1997

    18. Suzuki Pickup, Chassis No. DD51T-550196, Model 1997

    19. Suzuki Pickup, Chassis No. DB51T-134705, Model 1990

    20. Suzuki Pickup, Chassis No. DD51T-119206, Model 1991

    21. Suzuki Pickup, Chassis No. DC51T-541160, Model 1998

    22. Suzuki Pickup, Chassis No. DD51T-550341, Model 1998

    23. Suzuki Pickup, Chassis No. DK51T-512906, Model 1998

    24. Toyota Fielder Motor Car, Chassis No. NZE121-0015852, Model 2000

    25. Toyota Vitz Motor Car, Chassis No. SCP13-0039060, Model 2004

    READ MORE: Duty free import of Land Cruiser vehicles allowed

    List of vehicles ripe for auction at Customs State Warehouse, Bannu

    1. Toyota Hilux Pickup, 1986, LN56-00611777

    2. Toyota Aqua Motor car, Chassis No. NHP10-6466043, Model 2015

    3. Daihatsu Motor Car, Chassis No. L300S-128393, Model 1996

    4. Toyota Fielder Motor Car, NZE141-9059607, Model 2007

    5. Toyota Aqua Motor Car, NHP10-6141867, Model 2013

  • Customs I&I Multan to auction vehicles on February 09

    Customs I&I Multan to auction vehicles on February 09

    ISLAMABAD: The Directorate of Intelligence and Investigation (I&I)- Customs, Multan has announced auction of confiscated vehicles to be held on February 09, 2022.

    The directorate will offer following vehicles for the auction:

    READ MORE: FBR exempts customs, regulatory duty on Afghan goods

    01. Toyota Vitz Car, Model 1999, Registration No. BFA-394/Sindh, Chassis No. SCP10-0028617

    02. Hino Renger Truck, Model 1994, Registration No. TKY-248/Quetta, Chassis No. FD3HGA-51170

    03. Toyota Vitz Car, Model 2007, Registration No. BAF-022/ Sindh, Chassis No. SCP90-5082486

    04. Toyota Vitz Car, Model 2001, Registration No. BPA-630/Sindh, Chassis No. SCP10-0316425

    READ MORE: FBR notifies promotion of Customs officers to BS-20

    05. Toyota Fiedler Car, Model 2003, Registration No. BUK-356, Chassis No. NZE121-0249693

    06. Toyota Altis Car, Model 2004, Registration No. AAR-733, Chassis No. JTDBT-22E903246838

    07. HYMER H3 Jeep, Model 2003, Registration No. LEE-7444, Chassis No. 5GTDN1368328088

    08. Suzuki Alto Car, Model 2002, Registration No. AMS-632/Sindh, Chassis No. HA12S-628869

    READ MORE: FBR sacks director customs audit on NAB conviction

    09. Toyota Vitz Car, Model 2003, Registration No. LEA-07-2627, Chassis No. SCP13-0004867

    10. Toyota Prius Car, Model 2007, Registration No. LEE-12-6566, Chassis No. NHW20-3254780

    11. Toyota Vitz Car, Model 2008, Registration No. BJM-377/Sindh, Chassis No. SCP90-2069550

    12. Suzuki Alto Car, Model 2010, Registration No. LE-061/ICT, Chassis No. HA25S-762195

    13. Toyota Prius Car, Model 2006, Registration No. LEA-4212, Chassis No. NHW20-3225755

    READ MORE: Duty free import of Land Cruiser vehicles allowed

  • Regulatory duty on motor vehicles increased to 50%

    Regulatory duty on motor vehicles increased to 50%

    In a bid to curb the escalating import bill and foreign exchange outflow, the Federal Board of Revenue (FBR) unveiled a significant surge in regulatory duty on the import of new motor vehicles.

    (more…)
  • FBR enhances tax rates on motor vehicle registration

    FBR enhances tax rates on motor vehicle registration

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday notified the enhanced rates of advance tax on those vehicles, which sold prior to first registration.

    The tax rates have been enhanced through Finance (Supplementary) Act, 2022 through making amendment in Section 231(B)(2A) of Income Tax Ordinance, 2001.

    The FBR said that advance tax on vehicle registration under Section 231(B)(2A) of the Ordinance has been increased for the persons who register such motor vehicles which have been sold prior to their first registration.

    READ MORE: FBR increases income tax to 15% on cellular services

    The FBR issued Circular No. 12 of 2012 to explain amendments in the Income Tax Ordinance, 2001 made through Finance (Supplementary) Act, 2022.

    The purpose is to discourage huge ‘on money’ on such vehicles which are booked by investors as a result of which the vehicles remain unavailable to the genuine buyers.

    READ MORE: FBR issues new FED rates on motor vehicles

    New rates under Division VII of Part IV of First Schedule to the Ordinance shall be as following:

    01. Motor vehicle with engine capacity up to 1000CC, the advance tax has been increased to Rs100,000 from Rs50,000.

    02. Motor vehicle with engine capacity between 1001cc to 2000cc, the advance tax has been increased to Rs200,000 from Rs100,000.

    03. Motor vehicle with engine capacity 2001cc and above, the advance tax has been increased to Rs400,000 from Rs200,000.

    READ MORE: Banks to share business account details to FBR

  • FBR issues new FED rates on motor vehicles

    FBR issues new FED rates on motor vehicles

    ISLAMABAD: The Federal Board of Revenue (FBR) on Thursday issued new rates of Federal Excise Duty (FED) on imported and locally assembled motor vehicles.

    The FBR revised upward the FED rates after the implementation of Finance (Supplementary) Act, 2022. In this regard the FBR issued Circular No. 06 of 2022.

    Through S. No. 55, 55B, 55C and 55D of Table-1 of the First Schedule to the Federal Excise Act, 2005, the rates of FED on imported, locally manufactured motorcars/SUVs, imported and locally manufactured double cabin are provided respectively.

    READ MORE: Banks to share business account details to FBR

    In order to rationalize the existing rates of FED on vehicles, the following increase in the various slabs has been made:

    Imported motor cars, SUVs and other motor vehicles:

    (a) of cylinder capacity up to 1000cc the FED rate has been kept unchanged at 2.5 per cent ad valorem.

    (b) Of cylinder capacity from 1001cc to 1799cc the FED rate has been increased to 10 per cent ad valorem from 5 per cent.

    (c) Of cylinder capacity 1800cc to 3000cc the FED rate has been increased to 30 per cent ad valorem from 25 per cent.

    READ MORE: Debt, credit card machines must for POS retailers: FBR

    (d) Of cylinder capacity exceeding 3001cc the FED rate has been increased to 40 per cent ad valorem from 30 per cent

    Locally manufactured or assembled motor cars, SUVs:

    (a) Of cylinder capacity up to 1300cc has been rationalized at 2.5 per cent. Previously, the FED was zero per cent on up to 1000cc and was 2.5 per cent on 1001cc to 2000cc.

    (b) Of cylinder capacity from 1301cc to 2000cc the FED rate has been increased to 5 per cent ad valorem from 2.5 per cent.

    (c) Of cylinder capacity 2001cc and above the FED rate has been enhanced to 10 per cent ad valorem from 5 per cent.

    READ MORE: FBR slashes sales tax rates on petrol, HSD

    Imported double cabin (4X4) pickup vehicles, the FED has been increased to 30 per cent ad valorem from 25 per cent.

    Locally manufactured double cabin (4X4) pickup vehicles except the vehicles booked on or before June 30, 2020 subject to the restriction or conditions specified by the FBR, the FED has been increased to 10 per cent ad valorem from 7.5 per cent.

  • Pakistan’s car sales up monthly highest ahead price hike

    Pakistan’s car sales up monthly highest ahead price hike

    KARACHI: Pakistan’s car sales have increased by 96 per cent to 27,331 units in December 2021, which is the highest ever sale in a month, ahead of hike in prices proposed through mini-budget.

    According to data released by Pakistan Auto Manufacturers Association (PAMA) on Tuesday, the total car sales grew to 27,331 units during December 2021 as compared with 13,956 units in the same month of the last year.

    READ MORE: New rates of FED on local, imported motor vehicles

    Analysts at Arif Habib Limited said that auto sales figures for December 2021, portrayed an increase of 96 per cent year on year (YoY) and 46 per cent month on month (MOM) to 27,331 units.

    “Despite shortage of semi-conductor chips, disruption in international supply chain and booking suspension of various automobiles, the massive growth in sales volumes remained intact mainly due to: improved purchasing power amid rapid economic recovery; and consumers interest in buying cars in anticipation of price hike as cars are soon expected to be slapped with increased regulatory duty (RD) and federal excise duty (FED).”

    READ MORE: Mini-budget: Advance tax on motor vehicles doubles

    In below 1,000 cc, volumes are significantly up by 211 per cent YoY owing to massive surge in sales of Alto. In 1300cc and above, total sales stood at 9,955 units, increasing by 106 per cent YoY due to impressive dispatches of Civic/City, Corolla and Yaris by 188 per cent, 77 per cent and 37 per cent YoY, respectively.

    Pakistan Suzuki Motors Company (PSMC) has posted growth of 104 per cent YoY in December 2021.

    In December 2021, total sales significantly increased by 104 per cent YoY to 15,503 units compared to 7,594 units in December 2020. The all time high monthly sales is mainly attributable to the announcement of price increase by the PSMC which eased cost and exchange rate pressure on it to some extent and thereby lead to resumption of suspended bookings of various models.

    READ MORE: Customs duty collection from imported vehicles surges by 95%

    Dissecting the numbers, Alto, Wagon R and Bolan were the major contributors to the overall growth as their sales volumes underwent a jump of 211 per cent, 205 per cent and 75 per cent YoY, respectively. An upward momentum in sales growth of 82 per cent was also observed on MoM basis.

    The sales of Indus Motors (INDU) jumped by 55 per cent YoY in December 2021 due to robust demand of high end cars at the back of rapid economic recovery coupled with improved purchasing power.

    During December 2021, the sales of Honda Cars witnessed growth in sales volume by 167 per cent and 56 per cent MoM to 4,708 units with Civic/city sales increased by 188 per cent YoY to 4,505 units. The jump in sales volumes is mainly attributable to shifting of cost pressure to end consumers through price hike and increased consumers interest in buying cars at the back of anticipation of price hike as cars are soon expected to be increase after approval of mini-budget.

    READ MORE: Tarin assures car importers of maximum support