KARACHI: Pakistan car sales have surged by 54 per cent in fiscal year 2021/2022, according to data released on Friday.
The car sales – as reported by Pakistan Auto Manufacturers Association (PAMA) on Friday – increased to 279,267 units in the fiscal year 2021/2022 as compared with 181,397 units in the preceding year.
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The rise in sales of domestically manufactured cars has been attributed to economic recovery and lower interest rate during the year.
Analysts at Topline Securities said Pakistan car sales (including sales of Non-PAMA members) clocked in at 33k units up by 24 per cent MoM primarily due to resolution of production issues and higher working days as compared to May-2022 due to Eid-ul-Fitr holidays. The same is up by 106 per cent YoY.
This takes FY22 car sales to 279,267 units up by 54 per cent YoY led by economic recovery and low interest rates.
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Pak Suzuki (PSMC) and Hyundai Nishat recorded highest ever monthly sales of 16,009 units and 1,871 units in June 2022.
PSMC sales was up 31 per cent MoM in June 2022. All variant of company reported increase in a range of 37-94 per cent on MoM basis except for Wagon-R and Swift where sales were down by 5 per cent MoM and 4 per cent MoM respectively.
Similarly, Hyundai Nishat’s sales was up 9 per cent MoM led by increase in sales of Tucson 897 units (+40 per cent MoM) and Porter 283 units (+268 per cent MoM).
Indus Motors (INDU) posted increase of 7 per cent MoM to 6,309 units due to increase in sales of Corrolla & Yaris 4,453 units (+4 per cent MoM). Honda Atlas Car (HCAR) also recorded increase of 34 per cent MoM to 3,903 units in June 2022 led by increase in sales of City & Civic by 18 per cent MoM.
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Amongst Tractors, Millat Tractors (MTL) recorded increase of 75 per cent MoM to 4,389 units and Al Ghazi Tractors (AGTL) of 3,201 units up 33 per cent MoM. This takes total tractor industry sales to 59k units, up 16 per cent YoY in FY22.
Pakistan bike sales were down by 4 per cent MoM and 9 per cent YoY in June 2022. This takes FY22 bike sales to 1.8mn units, down 4 per cent YoY.
Trucks & Buses sales were up 21 per cent MoM and 45 per cent YoY to 589 units in June 2022. This takes full year FY22 sales to 6,498 units, up 49 per cent YoY led by increased transportation activity.
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