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.

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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.

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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.

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