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  • Pakistan car sales increase 21 pc in October 2022

    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.

  • Pakistan car sales plunge 50% in 1QFY23

    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.

  • Pakistan car sales plummet by 50% on import restriction

    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

  • Pakistan car sales drop 59% in July 2022

    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

  • Pakistan car sales surge 54 per cent in FY22

    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

  • Pakistan car sales climb up by 50% in 11 months

    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.

    READ MORE: SBP cuts car loan tenure to three years

  • Car sales register 50% growth in 10MFY22

    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.

  • Pakistan considers fixing locally assembled car prices

    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

  • Car sales surge by 53% in nine months despite rupee fall

    Car sales surge by 53% in nine months despite rupee fall

    KARACHI: Sales of locally manufactured / assembled motor cars have registered 53 per cent growth during first nine months (July – March) 2021/2022 of the current fiscal year despite massive depreciation in rupee value.

    According to data released by Pakistan Auto Manufacturers Association (PAMA), the sales of locally assembled cars increased to 205,469 units during the first nine months of the current fiscal year as compared with 134,718 units in the corresponding months of the last fiscal year.

    READ MORE: Investigation into high car prices in Pakistan ordered

    The sales of cars grew to 27,131 units in March 2022 as compared with 21,706 units in February 2022 and 20,813 units in March 2021, showing the increase of 25 per cent and 30 per cent, respectively.

    Analysts at Arif Habib Limited said that despite the ongoing political turbulence and economic uncertainty, auto sales continued depicting a positive growth.

    READ MORE: Pak Suzuki Motor declares Rs2.68 billion annual profit

    They further said that despite the upward revision in car prices and rising inflation, car buyers’ interest remained alive, mainly on account of: anticipation of further price hike amid massive rupee devaluation and surge in cost of production, and; greater demand for locally assembled cars given increasing cost of imported CBUs on the back of higher freight costs and commodity prices (especially steel), substantial currency depreciation, and imposition of temporary loan ban on financing of imported CBUs.

    READ MORE: Rupee makes recovery to dollar for third straight day

    According to data, the sale of cars below 1000 CC surged by 83 per cent to 53,241 units during first nine months of the current fiscal year as compared with 29,038 units in the same months of the last fiscal year.

    The sales of cars with engine capacity up to 1000CC posted a growth of 65 per cent to 34,602 units during the period under review as compared with 20,975 units in the same period of the last fiscal year.

    Meanwhile, sales of 1300CC and above recorded an increase of 35 per cent to 75,207 units as compared with 55,733 units in the corresponding period of the last fiscal year.

    READ MORE: Indus Motors estimates 15% sales dip on PKR fall

    The sales of Indus Motors increased by 33 per cent to 55,567 units during first nine months of the current fiscal year as compared with 42,670 units in the corresponding months of the last fiscal year.

    The sales of Pak Suzuki posted 66 per cent growth to 109,419 units during July – March 2021/2022 as compared with 66,013 units in the same period of the last fiscal year.

    Similarly, the sale of Honda Cars recorded 38 per cent to 30,010 units during first nine months of the current fiscal year as compared with 21,698 units in the same period of the last fiscal year.

  • Investigation into high car prices in Pakistan ordered

    Investigation into high car prices in Pakistan ordered

    ISLAMABAD: A monitoring committee for automobile industry has directed investigation into massive increase in prices of motor cars in Pakistan during past few months.

    The meeting of monitoring committee for automobile industry met under the chairmanship of Federal Secretary for Industries and Production, Jawad Malik this afternoon.

    READ MORE: Pak Suzuki Motor declares Rs2.68 billion annual profit

    Meeting was attended by representatives from automakers, Pakistan association of automotive parts and accessories manufacturer (PAAPAM), Engineering Development Board(EDB), Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Competition Commission of Pakistan (CCP) and Ministry of Science & Technology.

    The forum sought factors and justification for recent price hike in different models of cars across the board.

    READ MORE: Rupee continues falling spree; dollar at Rs183.48

    The meeting was told that recent price hike is due to Dollar Rate (USD to PKR), increase in freight charges and raw materials including operational cost.

    The industry also provided details on causes of late delivery, CDK imports and production capacity.

    The monitoring committee expressed concerns over massive price hike in past 5-6 months and safety features in automobiles.

    READ MORE: Indus Motors estimates 15% sales dip on PKR fall

    After due deliberations, the Chair directed to carry out forensic analysis of car prices in comparison with factors indicated by the industry as a reason for price change through independent professional expertise.

    The secretary instructed to complete the forensic analysis within two weeks.

    The chair also asked the automotive industry to provide localisation plan with time frame as well as safety features compliance report to the ministry.

    READ MORE: Pakistan’s car sales surge 56% in eight months of FY22