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.
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.
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.
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.
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.