KARACHI: Pakistan car sales have dropped by 38 per cent during first half of the current fiscal year 2022-2023 due to non-production days due to shortage of raw material because of import restrictions.
(more…)Tag: car sales
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Pakistan’s passenger car sales drop 39pc in 5MFY23
KARACHI: Pakistan’s domestic car sales have recorded a drop of 39 per cent in the first five months (July – November) of fiscal year 2022-2023.
According to latest date released by Pakistan Auto Manufacturers Association (PAMA), the sales of passenger cars fell to 55,144 units in the first five months of the current fiscal year as compared with 90,303 units in the corresponding period of the last fiscal year.
READ MORE: Pakistan car sales increase 21 pc in October 2022
The sales of cars with engine capacity of 1,000 cc recorded major decline of 68 per cent to 6,987 units in the first five months of the current fiscal year as compared with 21,873 units in the same period of the last fiscal year.
Similarly, the sales of cars with 1,300CC and above engine capacity recorded 36 per cent decline to 24,465 units during the period under review when compared with 40,036 units in the corresponding period of the last fiscal year.
READ MORE: Pakistan car sales plunge 50% in 1QFY23
Meanwhile, the sales of cars below 1,000 CC recorded a decline of 20 per cent to 22,692 units during the first five months of the current fiscal year as compared with 28,394 units in the same period of the last fiscal year.
The sales of LCVs, vans and jeeps recorded a decline of 38 per cent to 11,314 units during the period of July – November 2022 when compared with 18,332 units in the corresponding period of the last fiscal year.
The car sales in the month of November 2022 recorded 39 per cent to 15,444 units when compared with 11,129 units in October 2022.
READ MORE: Pakistan car sales plummet by 50% on import restriction
Analysts at Arif Habib Limited attributed the recovery in sales volume on an MoM basis was mainly due to the fulfillment of the delivery of vehicles on the backlog of demand and consumers moving toward affordable vehicles resulting in PSMC sales climbing up by 74 per cent MoM.
They further attributed to streamlining production process by auto assemblers through improved inventory management processes and higher operating days.
However, further PKR volatility and increase in international commodity prices still remain a serious concern for the automobile sector.
They said 1,300cc segment and above showed a growth in sales by 22 per cent MoM. Given the sales of Civic and City went up by 10 per cent MoM. In addition, the sales of Corolla and Yaris portrayed a rise of 5 per cent MoM.
Alternatively, we observed a dip in 1,000cc segment sales by 2 per cent MoM, led by the rise in Wagon R sales whose sales went down by 7 per cent MoM to 718 units.
READ MORE: Pakistan car sales drop 59% in July 2022
Sales in the below 1000cc segment majorly contributed to the rise in sales 74 per cent MoM. The major contributor remained Alto which went up by 74 per cent MoM to 7,255 units.
Indus Motors sales went down by 4 per cent MoM, given sales of Fortuner and Hilux declined by 15 per cent MoM to 1,309 units.
Pakistan Suzuki sales depicted an increase of 55 per cent MoM as consumers switched towards affordable cars.
Honda Car sales surged by 38 per cent MoM, since the launch of HRV grabbed the attention of car enthusiasts and came into the limelight. With this, the overall BRV and HRV sales depicted a jump of 8.6x MoM.
During November 2022, the Tractors sales went down 34 per cent MoM, majorly contributed by AGTL, whose sales went down by 65 per cent MoM. In addition, MTL sales went down by 27 per cent MoM.
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Pakistan car sales increase 21 pc in October 2022
KARACHI: Sales of domestically manufactured cars in Pakistan have increased by 21 per cent Month on Month (MoM) in October 2022.
Pakistan Automotive Manufacturing Association (PAMA) has released the sales and production data for the month of October 2022, where car sales witnessed an increase of 21 per cent MoM in October 2022 to clocked in at 11,129 units.
READ MORE: Pakistan car sales plunge 50% in 1QFY23
Analysts at Insight Securities said that the rise in sales is mainly due to improved stock levels which led to a partial resumption of production activities.
To highlight, companies were facing higher Non Production Days (NPD) in September 2022 due to import restrictions on CKD parts.
During first four months (July – October) of the fiscal year 2022-2023, cumulative passenger car sales during the period plunged by 47 per cent YoY, to clock in at 39.7k units due to supply constraints and economic slowdown resulting in subdued demand.
READ MORE: Pakistan car sales plummet by 50% on import restriction
Trucks & buses sales declined by 14 per cent MoM to clocked in at 326 units in October 2022. Cumulatively on 4MFY23 basis, truck & buses sales fell by 40 per cent YoY. Jeeps/SUVs and pickups sales soared by 22 per cent MoM to reach at 2.2k units.
Whereas, on 4MFY23 basis, Jeeps/SUVs & pickups are fell by 45 per cent due to aforementioned reasons. Tractors sales went down by 12 per cent MoM due to fragile agriculture demand.
Company wise, PSMC sales improved by 33 per cent MoM in October 2022 primarily due to upbeat demand of hatchback segment driven by better fuel economy and affordability.
Alto remained the top contributor, led by increase in sales of 76 per cent, followed by Cultus and Ravi, up by 50 per cent and 38 per cent, respectively.
READ MORE: Pakistan car sales drop 59% in July 2022
Similarly, INDU sales grew by 29 per cent MoM to clocked in at 3.4k units, compared to ~2.6k units in September 2022. Wherein major contributor are Fortuner & Hilux, up by 84 per cent.
HCAR sales went up by 11 per cent MoM to clocked in at 1.4k units in October 2022 . Wherein major contributors are Civic & City, up by 14 per cent.
Hyundai volumetric sales posted a decline of 50 per cent MoM to clock in at 0.5k units.
MTL volumes witnessed an increase of 2.35x MoM to stand at ~1.5k units whereas AGTL sales declined by 74 per cent MoM to clock in at ~0.4k units.
READ MORE: Pakistan car sales surge 54 per cent in FY22
The analysts believe that the automobile industry will remain under pressure on both supply and demand front amid tough business environment, sky-rocketing inflation and higher financing rates further exacerbated by shortage of CKD kits.
Moreover, despite multiple price hikes, gross margins are likely to stay depressed amid continuous pressure on PKR against USD.
Meanwhile, ongoing floods are expected to wipe out 30 per cent-40 per cent of auto demand from rural area. Thus, we have an underweight stance on automobile industry.
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Pakistan car sales plunge 50% in 1QFY23
KARACHI: Pakistan’s car sales plunged by 50 per cent to 34,472 units during the first quarter (July – September) of 2022-2023, according to data released by Pakistan Auto Manufacturers Association (PAMA).
The locally manufacturing of cars recorded 68,897 units in the same quarter of the last fiscal year.
READ MORE: Pakistan car sales plummet by 50% on import restriction
Major decline has been recorded in manufacturing of Pak Suzuki Motors, which fell by 57 per cent to 16,637 units during the first quarter of the current fiscal year as compared with 38,431 units in the same quarter of the last year.
Indus motors recorded a dip of 52 per cent to 8,868 units during the quarter under review as compared with 18,646 units in the same quarter of the last year.
The manufacturing of Honda Cars slipped by 39 per cent to 5,626 units in July – September 2022 as compared with 9,172 units in the corresponding period of the last year.
READ MORE: Pakistan car sales drop 59% in July 2022
However, Hyundai witnessed a jump of 34 per cent in manufacturing to 3,097 units during the first quarter of the current fiscal year as compared with 2,303 units in the same quarter of the last year.
Analysts at Topline Securities said that Pakistan car sales (including sales of Non-PAMA members) clocked in at 13k units down 7 per cent MoM primarily due to unavailability of CKD parts which led to non-production days by auto manufactures in September 2022.
Auto sales are also down by 51 per cent YoY amid escalating car prices, expensive auto financing, and low purchasing power of consumers. This takes 1QFY23 car sales to 34,472 units down 50 per cent YoY from 68,897 units in 1QFY22.
READ MORE: Pakistan car sales surge 54 per cent in FY22
All companies reported decline on MoM basis except for Pak Suzuki (PSMC) where sales were up by 52 per cent MoM due to low base as plant closure amid unavailability of CKD parts resulted in sales of 3,954 units in August 2022.
Indus Motors (INDU) posted decline of 32 per cent MoM to 2,617 units in Sep-2022 from 3,876 units in Aug-2022. Honda Atlas Car (HCAR) also recorded decline of 29 per cent MoM to 1,280 units in Sep-2022 led by decline in sales of BRV by 79 per cent MoM.
Hyundai sales also down 50 per cent MoM to 967 units in September 2022 led by decline in Tuscon sales by 62 per cent MoM.
READ MORE: Toyota unveils all new Crown for first time
Amongst Tractors, Millat Tractors (MTL) recorded decline of 75 per cent MoM and 72 per cent YoY to 638 units due to shutdown of plant for 23 days in September 2022 amid floods. Al Ghazi Tractors (AGTL) recorded sales of 1,511 units, up 6 per cent MoM while down 29 per cent YoY.
Pakistan bike sales were down by 7 per cent MoM and 39 per cent YoY in Sep-2022. Atlas Honda (ATLH) recorded sales of 85K units, flat MoM while down 23 per cent YoY.
Trucks & Buses sales were up 11 per cent MoM while down 25 per cent YoY to 378 units in Sep-2022 primarily due to drop in transportation activities amid floods and slowdown in overall economy.
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Pakistan car sales plummet by 50% on import restriction
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.
READ MORE: Pakistan car sales surge 54 per cent in FY22
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.
READ MORE: Toyota unveils all new Crown for first time
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.
READ MORE: Honda Motors to start pre-orders of ZR-V SUV by September 2022
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Pakistan car sales drop 59% in July 2022
KARACHI: The total sales of car in Pakistan have dropped by 59 per cent Month on Month (MoM) in July 2022.
The sales are also included non-members of Pakistan Automotive Manufacturers Association (PAMA).
READ MORE: Pakistan car sales surge 54 per cent in FY22
Analysts at Topline Securities on Friday said Pakistan car sales (including sales of Non-PAMA members) clocked in at around 14,000 units down 59 per cent MoM primarily due to production issues, higher car prices resulting low purchasing power of consumers, and less working days due to Eid ul Adha holidays in Jul-2022.
The car sales is also down by 52 per cent Year on Year (YoY).
READ MORE: Toyota unveils all new Crown for first time
Indus Motors (INDU) posted decline of 62 per cent MoM to 2,375 units primarily due to non-production days in the month of July 2022. Similarly, Hyundai sales was down by 89 per cent MoM to 201 units from 1,871 units in June 2022.
Pak Suzuki Motors Company (PSMC) sales was down 58 per cent MoM in July 2022. All variant of company reported decline in the range of 57-95 per cent on MoM basis except for Alto where sales increased to 4,618 units from 1,216 units in June 2022, largely due to low base effect.
Honda Atlas Car (HCAR) also recorded decline of 35 per cent MoM to 2,537 units in July 2022 led by decline in sales of City & Civic by 30 per cent MoM.
READ MORE: Honda Motors to start pre-orders of ZR-V SUV by September 2022
Amongst Tractors, Millat Tractors (MTL) recorded decline of 60 per cent MoM and 65 per cent YoY to 1,011 units . Al Ghazi Tractors (AGTL) recorded sales of 1,243 units, down 48 per cent MoM and 12 per cent YoY.
Pakistan bike sales were down by 33 per cent MoM and 34 per cent YoY in July 2022. Atlas Honda (ATLH) recorded sales of around 80,000 units down 28 per cent MoM and 20 per cent YoY.
Trucks & Buses sales were down 22 per cent MoM and 37 per cent YoY to 379 units in July 2022 primarily due to drop in transportation activities amid slowdown in overall economy.
READ MORE: New tax rates on car registration from July 01, 2022
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Pakistan car sales surge 54 per cent in FY22
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.
READ MORE: Toyota unveils all new Crown for first time
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.
READ MORE: Honda Motors to start pre-orders of ZR-V SUV by September 2022
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.
READ MORE: New tax rates on car registration from July 01, 2022
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.
READ MORE: SBP makes permission mandatory for motor car import
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Pakistan car sales climb up by 50% in 11 months
KARACHI: The sales of locally assembled cars in Pakistan have surged by 50 per cent during 11 months (July – May) of 2021/2022 as compared with the same period of the last fiscal year, according to data released on Monday.
The car sales climbed up to 250,888 units in first 11 months of the current fiscal year as compared with 167,647 units in the corresponding months of the last fiscal year.
READ MORE: Pakistan massively increases taxation on motor vehicles
Analysts believed the surge in sales of locally assembled cars in 11 months to macroeconomic recovery.
Pakistan car sales (including sales of Non-PAMA members) clocked in at 27000 units, which is almost flat Month on Month (MoM) in May 2022 amid higher car prices, and Eid holidays at the start of month. The same is up by 46 per cent YoY.
Analysts at Topline Securities believe economic slowdown, increase in interest rates and further tightening of financing requirements by SBP will significantly impact car sales moving ahead.
READ MORE: Pakistan allows conditional import of CBU vehicles
Hyundai Nishat posted strong numbers registering an increase of 33 per cent MoM led by increase in sales of Elantra (+148 per cent MoM) and Sonata (+37 per cent MoM).
Honda Atlas Car (HCAR) recorded second highest increase of 11 per cent MoM to 2,910 units in May-2022 led by increase in sales of City & Civic by 18 per cent MoM. Similarly, Indus Motors (INDU) also posted increase of 2 per cent MoM due to increase in sales of Corrolla & Yaris by 4 per cent MoM.
Pak Suzuki (PSMC) was the only player which reported decline of 3 per cent MoM to 12,212 units in May-2022. All variant of company reported decline on MoM basis except for Wagon-R and Alto where sales were up by 24 per cent MoMand 9 per cent MoM respectively.
READ MORE: Honda Cars declares 40% surge in annual profit
Amongst Tractors, Millat Tractors (MTL) recorded increase of 12 per cent MoM while Al Ghazi Tractors (AGTL) recorded decline of 8 per cent MoM.
Pakistan bike sales were down by 2 per cent MoM while remained flat on YoY in May-2022. This takes 11MFY22 bike sales to 1.7mn units, down 4 per cent YoY.
Trucks & Buses sales were up 3 per cent MoM and 23 per cent YoY in May-2022. This takes 11MFY22 sales to 5,909 units, up 50 per cent YoY led by increased transportation activity.
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Car sales register 50% growth in 10MFY22
KARACHI: The sales of domestic manufactured cars have registered a growth of 50 per cent during first ten months (July – April) 2021/2022.
However, auto sales plummeted by 18 per cent Month on Month (MoM) to 22,370 units during April 2022 on the following grounds; increased car prices; and increased cost of financing, analysts at Arif Habib Limited said.
READ MORE: Peshawar Customs auctions motor cars on May 16, 2022
Albeit, the momentum remained positive on a Year on Year (YoY) basis, up 30 per cent mainly on the back of resumption of pre Covid level economic activities along with launch of new models (Swift, Civic, City), consumer’s anticipation of further price hike, given the company’s kept on hinting massive surge in cost of production and substantial Pak Rupee (PKR) depreciation which has put margins under pressure. This took sales during first ten months of current fiscal year to 227,981 units, up 50 per cent YoY.
Engine capacity 1300cc segment and above remained the star performer, up 34 per cent YoY, given resumed sales of new Honda Civic Xi and Swift 4th generation.
READ MORE: Pakistan considers fixing locally assembled car prices
During April 2022, sales in 1000cc segment went up by 29 per cent YoY. Major contributors to it remained Cultus (+33 per cent YoY) followed by Wagon R (+26 per cent YoY).
Sales in below 1000cc segment maintained it’s positive momentum during the month (+22 per cent YoY) because of higher prices of imported small cars, and given this segment is being subjected to relatively lower sales tax (12.5 per cent) and also due to the ability of lower to middle income group to obtain full financing against it.
READ MORE: OICCI suggests duty cut on locally manufactured cars
During April 2022, sales of Indus Motors went up by 8 per cent YoY to 5,775 units. Albeit 18 per cent MoM decline was observed given lower sales of Corolla/Yaris (-24 per cent YoY).
The sales of Pak Suzuki during April 2022 grew by 47 per cent YoY to 12,639 units on the back of resumed sales of new Suzuki Swift 4th generation. Albeit, sales plunged by 16 per cent MoM on the back of increased car prices and consumer’s anticipation of further price hike which caused them to book cars as soon as possible.
READ MORE: Return filing be made mandatory for account holders
Honda Cars sold 2,629 units during April 2022; up by 15 per cent YoY amid launch of new models of Civic and City. Albeit sales declined by 28 per cent MoM amid increased prices.
The sales of tractors stood at 4,848 units during April 2022, (+8 per cent YoY). However, sales went down by 14 per cent on a MoM basis. AGTL posted relatively higher market share (54 per cent) as compared to MTL.
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Pakistan considers fixing locally assembled car prices
ISLAMABAD: The government of Pakistan is considering to fix prices of locally assembled cars in to order discourage abnormal price hike.
According to an official statement on Monday, apropos frequent price hike of locally manufactured and assembled automobiles in past few months.
READ MORE: OICCI suggests duty cut on locally manufactured cars
Spokesperson has expressed concern over price surge and has taken a serious view about the frequent price increases by local automobile manufacturers/ assemblers.
READ MORE: Return filing be made mandatory for account holders
The spokesperson said that the situation was unacceptable, and the government might consider to initiate regulatory measures which may include fixation of prices under the Price Control Prevention of Profiteering and Hoarding Act, 1977.
READ MORE: Unjustified audit notices annoy taxpayers
Furthermore, he said that the cost structure and justification of price increase had been sought from local manufacturers and assemblers.
READ MORE: Foreign investors demand inter-adjustment of tax refunds