Pakistan car sales have climbed up by 54 per cent in March 2023 over previous month of February 2023, said analysts.
Analysts at Topline Securities said that the jack up in car sales was due to improvement import of CKD kits in the month under review.
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Pakistan car sales, as reported by Pakistan Automotive Manufacturers Association (PAMA) clocked in at 9,351 up 54 per cent Month on Month (MoM) while down 66 per cent YoY. Including Non-PAMA members car sales clocked in at 10.4K up 46 per cent MoM.
The MoM increase is primarily due to availability of CKD parts amid easing of LC issues.
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This takes sales during nine months (July – March) 2022-2023 to 110,405 units down 46 per cent YoY primarily attributable to non-availability of CKDs, escalating car prices, expensive auto financing, and low purchasing power of consumers.
Pak Suzuki (PSMC) recorded jump of 6x MoM to 5,628 units primarily due to reasons mentioned above.
Indus Motors (INDU) reported increase of 6 per cent MoM to 1,912 units in March 2023.
However Honda Car (HCAR) sales decline of 49 per cent MoM to 835 units in Mar-2023 due closure of plant for 23 days due to CKD issues.
Hyundai sales down 34 per cent MoM where Tuscon was down 46 per cent MoM to 380 units and Sonata was down 40 per cent MoM to 118 units in March 2023.
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Amongst Tractors, Millat Tractors (MTL) recorded increase of 3 per cent MoM to 2,669 units in March 2023 while Al Ghazi Tractors (AGTL) recorded decline of 57 per cent MoM in sales to 315 units in March 2023.
This takes total tractor industry sales to 21,233 units in 9MFY23 down 49 per cent YoY due to floods, plants shutdown, lower consumer buying power and higher prices.
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Pakistan bike sales were down 18 per cent MoM and 44 per cent YoY in March 2023. Atlas Honda (ATLH) recorded sales of 72K units, down 16 per cent MoM and 38 per cent YoY.
Trucks and Buses sales were down 53 per cent MoM and 45 per cent YoY to 308 units in March 2023. This takes 9MFY23 sales to 3,382 units down 32 per cent YoY primarily due to drop in transportation activity and slowdown in overall economy.
