Tag: car sales

KARACHI: Pakistan’s car sales have declined 11 per cent Month on Month (MoM) to 18,714 units in November 2021, according to data released by Pakistan Automotive Manufacturers Association (PAMA).

The fall in car sales has been attributed to rising financing cost after monetary policy tightening by the State Bank of Pakistan (SBP). The SBP on November 19, 2021 increased the policy rate by 150 basis points to 8.75 per cent.

However, the total number of car sales including Non-PAMA members was at about 23,900 units, down five per cent, according to analysts at Topline Securities.

The analysts said that this is the second consecutive month where sales have witnessed a MoM decline.

They are now down by 25 per cent from their peak sales in July 2021.

They attribute this to rising financing rates, stringent financing requirements by SBP and year end phenomenon where car sales generally slow down.

On Year on Year (YoY) basis, car sales grew by 29 per cent YoY in November 2021 on the back of low base effect. In July – November of the current fiscal year, car sales are up 65 per cent YoY to 108,625 units.

Honda Car (HCAR) reported a 13 per cent MoM increase, mainly due to low base where the company sold only 7 units of BRV last month. Hyundai Nishat and Pak Suzuki Motors (PSMC) reported sales decline of 30 per cent and 17 per cent, respectively.

Along with the above mentioned factors, increasing competition from new players including KIA Motors, MG Motors and Changan are impacting the market share of listed auto assemblers.

Pakistan bike sales were down 7 per cent MoM to 166,630 units in Nov 2021. Atlas Honda (ATLH) sales were up 3 per cent MoM and 19 per cent YoY.

Pakistan tractor sales were down 14 per cent MoM while Trucks/Buses sales were up 10 per cent MoM.

Pakistan’s car sales declines by 6% in October

KARACHI: Pakistan car sales have come down 6 per cent Month on Month (MoM) in October 2021, reaching 21,000 units, as reported by Pakistan Automotive Manufacturers Association (PAMA) on Thursday.

Pakistan car sales (including KIA) clocked in at 24,000 units in October 2021, down 4 per cent MoM.

Analysts at Topline Securities said that Pak Suzuki (PSMC) had stopped booking of certain variants of Cultus and Alto models due to supply side constraints which had an impact on its overall sales during the month.

Honda Car (HCAR) also witnessed lower MoM sales due to rising competition and anticipated launch of KIA Stonic.

Sales of HCAR and PSMC were down 27 per cent and 8 per cent MoM, respectively. Indus Motors (INDU) continued to post strong growth growing by 10 per cent MoM. Hyundai Nishat also recorded 10 per cent MoM increase in car sales.

With stringent regulation on car financing by SBP and rising interest rates, car sales can slow down further going forward.

On YoY basis, car sales improved by 49 per cent YoY driven by PSMC and INDU sales which were up 69 per cent and 26 per cent, respectively. In 4MFY22, car sales increased by 75 per cent YoY to 90k units primarily due to low base and macro recovery.

Pakistan bike sales as reported by PAMA were up 14 per cent MoM and 1 per cent YoY to 177k units in Oct 2021 where Atlas Honda (ATLH) recorded growth of 14 per cent MoM and 8 per cent YoY.

Pakistan tractor sales posted growth of 22 per cent MoM and 19 per cent YoY, reporting sales of 5k units during Oct 2021. Trucks & buses sales were down 5 per cent MoM and up 32 per cent YoY.

Car sales surge by 58% in September 2021

KARACHI: The sales of locally assembled / manufactured cars witnessed a growth of 58 per cent in September 2021 due to lower tax rates and rise in auto financing.

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KARACHI: The car sales posted a sharp rise of 114 per cent in July 2021 owing to tax cuts announced in the Finance Act, 2021.

The car sales increased to 24,918 units in July 2021 as compared with 11,659 units in the same month of the last year.

Analysts at Topline Securities said that the sharp increase in car sales might be attributed to tax incentives announced through the Finance Act, 2021.

The analysts said that the sales was around 27K, including non-member Lucky Motor Corporation i.e. KIA.  

As reported by Pakistan Automotive Manufacturers Association (PAMA), car sales have increased by 114 per cent YoY to 24,918 units where the volumetric increase was mostly led by Pak Suzuki Motor Company (PSMC) and Indus Motor (INDU).

To recall, the government had announced reliefs and tax-cuts in the federal budget which resulted in reduction in car prices across the board.

 As a result, customers had held back there purchases till July 2021.

PSMC volumes are up by 197 per cent MoM to 15,181 units. INDU registered an increase of 48 per cent MoM to 6,715 units.

 However, HCAR sales were on the lower side with a decline of 30 per cent MoM largely due to the anticipated roll out of new model of Honda City.

On the new-entrants front, Hyundai Nishat registered 4 per cent MoM increase to 627 units with the inclusion of its new model “Sonata”.

Lucky Motor Corporation sold around 1,600 to 1,800 units in July-2021, which are similar volumes to the prior month.

Car sales climb up by 54pc in 10 months

KARACHI: Sales of domestic assembled cars have increased by 54 percent during first 10 months of the current fiscal year due to smooth production despite coronavirus threats.

According to statistics released by Pakistan Automobile Manufacturers Association (PAMA), 151,178 units were sold during July – April 2020/2021 as compared with 97,900 units sold in the same period of the last year.

The sales of Indus Motors posted 90 percent growth to 48,025 units during first 10 months of the current fiscal year as compared with 25,300 units in the same period of the last year.

The sales of Honda Cars recorded 71 percent growth to 23,985 units during July – April 2020/2021 as compared with 14,061 units in the same period of the last year.

The sales of Pakistan Suzuki Motors Company (PSMC) recorded 28 percent growth to 74,619 units during first 10 months of the current fiscal year as compared with 58,303 units in the same period of the last year.

The sales of Hyundai cars, which entered the domestic market last year, were at 4,549 units during the first 10 months of the current fiscal year.

Analysts at Topline Securities said that Car sales declined by 17 percent month on month (MoM) in April 2021, affected by the start of the month of Ramadan and supply-side issues.

The same, including Lucky Motors Corporation (KIA, non-member of PAMA), is down by around 16 percent MoM.

To highlight, amid countrywide lockdowns imposed by the Federal and Provincial governments in Mar/Apr-2020, no car sales were recorded during Apr-2020.

KARACHI: The sales of locally assembled cars registered 37 percent growth in first nine months (July – March) 2020/2021 owing to higher demand following ease in coronavirus restriction during the period.

According to Pakistan Automotive Manufacturers Association (PAMA) the car sales recorded 134,522 units during first nine months of the current fiscal year as compared with 98,425 units in the corresponding period of the last fiscal year.

Analysts attributed the rise in car sales to ease in restrictions related to coronavirus during the current fiscal year, which resulted in acceleration in economic activities.

According to analysts of Topline Securities, the car sales have increased by 27 percent MoM in March 2021 (highest since March 2019), taking 9MFY21 sales growth to 37 percent YoY.

The same, including Lucky Motors Corporation (KIA, non-member of PAMA), is up by around 20 percent MoM (highest since October 2018) with 9MFY21 sales growth estimated at around 46 percent YoY.

Sales are up 198 percent YoY (as reported by PAMA) in March 2021, however YoY sales growth is misleading, in their view, because of lockdowns in March last year due to COVID-19.

Indus Motor Company (INDU) sales increased the most by 53 percent MoM as the company had witnessed supply issues in Feb-2021. Sales growth was primarily driven by Hilux sales, which were up by 103 percent MoM.

New entrants in the industry, Hyundai Nishat sold 723 units in March 2021 with the inclusion of Hyundai Elantra, while Lucky Motor Corporation sold around 2,000 units, as per our channel checks.

Atlas Honda (ATLH) recorded motorbike sales of 125,030 units in March 2021, up 20 percent MoM. In 9MFY21, sales have increased by 25 percent YoY.

Tractor sales in Mar-2021 are up by 89 percent YoY and 24 percent MoM.

Millat Tractors (MTL) recorded increase of 71 percent YoY (+17 percent MoM) while Al Ghazi Tractors (AGTL) sales increased by 133 percent YoY (+40 percent MoM), respectively.

KARACHI: The sales of locally manufactured motor cars registered 23 percent increase during first seven months (July – January) of 2020/2021 owing to lower interest rates and reduction in coronavirus infection rate.

According to Pakistan Automobile Manufacturers Association (PAMA) the car sales increased to 97,469 units during first seven months of the current fiscal year as compared with 79,458 units in the corresponding months of the last fiscal year.

The total number of car sales also included 2,279 units sold by Hyundai, which started reporting of sales from the current fiscal year.

Indus Motors has registered 74 percent growth to 31,591 units during the period under review as compared with 18,197 units in the corresponding period of the last fiscal year.

The sale of Honda Cars also posted 56 percent growth to 16,116 units during July – January 2020/2021 as compared with 10,356 units in the same period of the last fiscal year.

However, the sales of Pak Suzuki witnessed a decline of 7 percent to 46,949 units during the period under review as compared with 50,253 units.

Analysts at Topline Securities said that car sales, as reported by PAMA, have increased by 46 percent YoY in January 2021 to 17,515 units.

The same, including Lucky Motor Corporation (KIA, non-member of PAMA), is up by 67 percent YoY.

Pak Suzuki (PSMC) led the charge of the New Year euphoria with a massive increase of 62 percent YoY. This was primarily driven by Alto (+113 percent YoY) and Wagon R (+132 percent YoY) sales.

Indus Motor (INDU) and Honda Car (HCAR) registered sales increases of 36 percent YoY and 11 percent YoY, respectively. INDU sales were led by Yaris, which again outsold total HCAR sales.

New entrants into Pak Auto space, Hyundai Nishat sold 515 units in Jan-2021, while Lucky Motor sold around 2,500 units, as per our channel checks.

Car sales have increased by 26 percent MoM in January 2021. The increase was driven by HCAR (+39 percent MoM) and INDU (+36 percent MoM) as the New Year effect kicked in.

Atlas Honda (ATLH) recorded motorbike sales of 114,001 units in Jan-2021, up 20 percent YoY. In 7MFY21, sales have increased by 20 percent YoY.

Tractor sales in Jan-2021 are up by 135 percent YoY and 57 percent MoM. Millat Tractors (MTL) recorded increase of 195 percent YoY (+30 percent MoM) while Al Ghazi Tractors (AGTL) sales increased by 53 percent YoY (+290 percent MoM), respectively.

The analysts said that demand for cars to grow stronger owing to low interest rates environment and pickup in economic activity.

KARACHI: The car sales of locally manufactured vehicles have increased by 19 percent during first five months (July – November) of current fiscal year owing to lower interest rates and higher demand.

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KARACHI: The sales of locally manufactured cars have registered an 8 percent increase in the first quarter (July – September) 2020/2021 in Year on Year (YoY) basis due to restoration of economic activities after lifting of coronavirus lockdown.

According to statistics released by Pakistan Automobile Manufacturers Association (PAMA) on Monday the car sales went up to 37,017 units during the first quarter of the current fiscal year as compared with 34,308 units in the corresponding quarters of the last fiscal year.

According to analysis by Topline Securities, the car sales have posted an increase of 18 percent YoY in September 2020 to 13,882 units. Indus Motor (INDU) and Honda Car (HCAR) registered sales increase of 106 percent YoY and 87 percent YoY, respectively.

However, Pak Suzuki Motor Company (PSMC) sales declined by 20 percent YoY due to drop in Alto’s sales by 37 percent YoY (last year Alto saw high numbers due to its recent launch).

Car sales also increased by 19 percent MoM in September 2020. The increase was driven by INDU’s increase of 32 percent MoM as Yaris sales picked up 42 percent MoM. HCAR sales also improved by 20 percent MoM as BRV sales increased by 50 percent MoM.

New entrants into Pak Auto space continue to perform well with Hyundai Nishat selling 316 units (+187 percent MoM) in September 2020, while Kia Lucky Motors (KLM, non-member of PAMA) sold around 1,500 units

KLM is also planning to shift to double-shift production from January 2021 to meet high customer demand.

Hyundai Nishat had launched Tucson in the SUV category last month. A strong market response is visible as the number of units have jumped to 215 in September 2020 from 22 last month.

Atlas Honda (ATLH) recorded motorbike sales of 109,002 units in September 2020, up 45 percent YoY. In 1QFY21, sales have increased by 22 percent YoY.

Tractor sales in September 2020 are up 12 percent YoY, while also increased by 49 percent MoM. Millat Tractors (MTL) recorded an increase of 69 percent YoY while Al Ghazi Tractors (AGTL) sales declined by 31 percent YoY, respectively.

The analysts expect demand for cars to grow stronger owing to lower interest rates for auto financing along with pickup in economic activity amidst declining cases of COVID-19.