KARACHI: Pakistan car sales have plummeted by 50 per cent during first two months (July – August) 2022 owing to condition imposed for import of Completely Knocked Down (CKD) units.
According to statistics released on Tuesday, the sales of major players fell to 23,498 units during first two months of the currency fiscal year as compared with 46,565 units in the same period of the last year.
READ MORE: Pakistan car sales drop 59% in July 2022
Analysts at Topline Securities said that to save foreign exchange reserve, automakers were allowed to import only 50 per cent of their average imports over the last four months in July 2022. The quota has increased to 60 per cent for August 2022 and 70 per cent for September2022.
Auto sales are also down by 46 per cent YoY in August 2022 amid escalating car prices, expensive auto financing, and low purchasing power of consumers. This takes car sales to 23,498 units down 50 per cent during first two months of the current fiscal year YoY from 46,656 units.
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Pakistan car sales (including sales of Non-PAMA members) clocked in at 14k units down 2 per cent MoM primarily due to unavailability of CKD parts which led to non-production days by auto manufactures.
Pakistan Suzuki Motor Company (PSMC) sales was down 41 per cent MoM to 3,954 units in August 2022 due to plant closure amid unavailability of CKD parts. Honda Atlas Car (HCAR) also recorded decline of 29 per cent MoM to 1,809 units in Aug-2022 led by decline in sales of City and Civic by 40 per cent MoM.
Indus Motors (INDU) posted increase of 63 per cent MoM to 3,876 units in Aug-2022 from 2,375 units in July 2022. Interestingly, Hyundai sales increased to 1,929 units in Aug 2022 as compared to 201 units in July 2022 led by up-tick in Tuscon sales primarily due to low base.
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Amongst Tractors, Millat Tractors (MTL) recorded increase of 153 per cent MoM and 27 per cent YoY to 2,556 units. Al Ghazi Tractors (AGTL) recorded sales of 1,420 units, up 14 per cent MoM and 9 per cent YoY.
Pakistan bike sales were up by 5 per cent MoM while down 32 per cent YoY in August 2022. Atlas Honda (ATLH) recorded sales of 85K units up 6 per cent MoM while down 15 per cent YoY.
Trucks & Buses sales were up 24 per cent MoM while down 43 per cent YoY to 341 units in August 2022 primarily due to drop in transportation activities amid floods and slow down in overall economy.
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