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Tag: car sales

  • Car sales climb up by 23 percent in seven months

    Car sales climb up by 23 percent in seven months

    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.

  • Car sales jump up by 19 percent in July – November

    Car sales jump up by 19 percent in July – November

    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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  • Car sales increase by 8 percent in first quarter

    Car sales increase by 8 percent in first quarter

    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.

  • Car sales climb up by 16pc in August

    Car sales climb up by 16pc in August

    KARACHI: The sales of locally manufactured cars have recorded 16 percent increase to 11,678 units in August 2020 as compared with 10,102 units in the same month of the last year.

    According to data released by Pakistan Auto Manufacturers Association (PAMA) Indus Motor (INDU) and Honda Car (HCAR) registered sales increase of 52 percent YoY and 72 percent YoY, respectively. However, Pak Suzuki Motor Company (PSMC) sales declined by 9 percent YoY.

    Analysts at Topline Securities said that Kia Lucky Motors (non-member of PAMA) continued to perform well and is also planning to shift its production to double shift from Jan-2021 to meet high customer demand. As per our channel checks KIA sold around 1500 units for August 2020.

    Another new entrant Hyundai Nishat launched Tucson in SUV category during the outgoing month and successfully sold 22 units along with 88 units of Porter H-100 (a commercial pickup).

    Moreover, car sales increased by 1 percent MoM in Aug-2020, in which major increase was reported by PSMC with 20 percent MoM rise, however INDU and HCAR reported declines of 18 percent MoM and 8 percent MoM, respectively.

    Atlas Honda (ATLH) recorded motorbike sales of 85,000 units in Aug-2020, up 6 percent YoY. However, sales declined by 10 percent MoM.

    Tractor sales in Aug-2020 are up 12 percent YoY, while down by 21 percent MoM. Millat Tractors (MTL) recorded increase of 80 percent YoY while Al Ghazi Tractors (AGTL) sales declined by 51 percent YoY, respectively.

    We expect demand for cars to grow stronger as lower interest rates for auto financing along with pickup in economic activity amidst declining cases of COVID-19 has revived demand for new cars.

  • Car sales dip by 8 percent in July 2020

    Car sales dip by 8 percent in July 2020

    KARACHI: Domestic car sales have registered 8 percent decline to 11,501 units in July 2020 as compared with 12,482 units in the same month of the last year.

    Pak Suzuki Motors registered 40 percent decline in its sales to 4,991 units in July 2020 as against 8,375 units sold in the same month of the last year.

    However, Indus Motors and Honda Cars posted growth of 68 percent and 48 percent, respectively during the month under review.

    Analysts at Topline Securities said that Kia Lucky Motors (non-member of PAMA) continued to perform well. The company recorded car sales of around 1,500 units in July 2020.

    Moreover, car sales increased by 36 percent MoM in July 2020 as COVID-19 lockdowns eased with car assemblers ramping up production levels to meet pent-up demand of consumers, which is evident from 1-3 months of delivery time from the date of booking.

    All three main car assemblers reported MoM increases, with INDU reporting the highest increase of 60 percent MoM, followed by PSMC (+28 percent MoM) and HCAR (+23 percent MoM).

    Atlas Honda (ATLH) recorded motorbike sales of 94,003 units in Jul-2020, up 17 percent YoY and 4 percent MoM.

    The analysts said demand for cars to grow stronger as lower interest rates for auto financing has revived demand for new cars.

  • Annual car sales plunge by 53 percent on slow economy, COVID

    Annual car sales plunge by 53 percent on slow economy, COVID

    KARACHI: Domestic car sales have plunged by 53 percent in fiscal year 2019/2020 owing to slow economic activity and outbreak of coronavirus, analysts said on Monday.

    According to statistics released by Pakistan Automobile Assemblers Association (PAMA), the total car sales plunged to 110,583 units during fiscal year 2019/2020 as compared with 235,229 units in the preceding fiscal year.

    Analysts at Topline Securities said that the year remained turbulent for the car assemblers, as slow economic activity and high interest rates affected demand at the start of the year. In the last quarter, sales were severely affected by COVID-19 outbreak.

    The domestic car sales also witnessed 52 percent decline to 8,446 units in June 2020 as compared with 17,468 units in the same month of the last year.

    However, the sales increased by 77 percent when compared with the sales of May 2020 as car dealerships became operational after lifting of COVID-19 related lockdowns/restrictions.

    Honda Car (HCAR) and Indus Motors (INDU) recorded 514 percent MoM and 199 percent MoM growths, respectively.

    The major decline came in sales of Honda Cars which fell by 63 percent to 16,390 units in fiscal year 2019/2020 when compared with 44,234 units in the preceding fiscal year.

    Indus Motors witnessed 53 percent decline to 28,378 units in fiscal year 2019/2020 as compared with 60,993 units in the preceding fiscal year.

    The sales of Pak Suzuki Motors registered 49 percent decline to 65,815 units during fiscal year 2019/2020 as compared with 130,002 units in the preceding fiscal year.

  • Car sales plunge by 75 percent in May

    Car sales plunge by 75 percent in May

    KARACHI: The sales of locally manufactured cars have posted a massive decline of 75 percent in May 2020 due to closure of business operations of all major car assemblers during the month.

    According to data released by Pakistan Automobile Manufacturers Association (PAMA), the sales of car industry were at 4,473 units in May 2020 as compared with 17,781 in the same months of the last year.

    Analysts at Topline Research said that the decline in sales was mainly due to the closure of business operations of all major car assemblers, which resulted in no invoicing of cars for the majority of the month.

    The car sales also witnessed 54 percent decline to 102,137 units during July – May 2019/2020 as compared with 222,167 units in the corresponding period of the last year.

    The highest decline was recorded by Honda Car (HCAR) as its units sales were down by 89 percent YoY in May 2020, followed by Indus Motors (INDU) and Pak Suzuki (PSMC) with declines of 88 percent YoY and 64 percent YoY, respectively.

    In 11MFY20 car sales have declined by 54 percent YoY. HCAR sales are down by 65 percent YoY, followed by INDU and PSMC with declines of 57 percent YoY and 49 percent YoY, respectively.

    Atlas Honda (ATLH) recorded motorbike sales of 12,106 units, down by 88 percent YoY. In 11MFY20, ATLH sales are down by 24 percent YoY.

    Tractor sales are down by 49 percent YoY. Al Ghazi Tractors (AGTL) reported a decline of 89 percent YoY, while Millat Tractors (MTL) sales have declined by 26 percent YoY (+70 percentMoM).

    The official notification pertaining to announced subsidy of Rs2.5 billion on GST for tractors remains pending, which has created uncertainty amongst the buyers.

    The analysts expect higher sales for the month of June-2020 as restrictions imposed by the government has been eased significantly compared to the outgoing month

  • Not a single car sold in April 2020

    Not a single car sold in April 2020

    KARACHI: Automobile manufacturers have witnessed worst-ever month as not a single car was sold during April 2020 owing to lockdown imposed by the federal and provincial governments to prevent coronavirus pandemic.

    The lockdowns due to COVID-19 imposed by the Federal and Provincial governments in the later half of Mar-2020 till date has resulted in no car sales during Apr-2020, as reported by Pakistan Automobile Manufacturers Association (PAMA).

    The lockdowns has resulted in closure of plant operations along with car dealerships across the country.

    As a result, in 10MFY20 car sales have declined by 52 percent YoY.

    Honda Car (HCAR) sales are down by 64 percent YoY, followed by Indus Motors (INDU) and Pak Suzuki Motor Company (PSMC) with declines of 54 percent YoY and 47 percent YoY, respectively.

    ATLH (motorbikes) too recorded nominal sales of 2,783 units compared to pre-COVID sales of around 100k units.

    Keeping in view the importance of the Wheat harvesting season, the governments allowed the tractor industry to resume their operations in mid-April-2020.

    The tractor sales during Mar-2020 recorded a decline of 63 percent YoY and 30 percent MoM.

    Al Ghazi Tractors (AGTL) reported an increase of 19 percent MoM in its sales, while Millat Tractors (MTL) sales declined by 51 percent MoM. Last month, MTL sales were up MoM (+2 percent) whereas AGTL recorded a MoM decline (-22 percent MoM).

  • Car sales plunge by 70 percent on coronavirus lockdown

    Car sales plunge by 70 percent on coronavirus lockdown

    KARACHI: The sales of locally assembled cars have plunged by 70 percent year on year (YoY) in March 2020.

    According to analysts at Topline Securities, the car sales (as reported by Pakistan Automobile Manufacturers Association) have plunged by 70 percent YoY and 43 percent MoM in March 2020 amidst the lockdown in the country due to the outbreak of COVID-19.

    The lockdown in the country started on Mar 23, 2020.

    Pak Suzuki Motor Company (PSMC) recorded its lowest monthly sales since March 2009 with volumes declining by 81 percent YoY and 50 percent MoM.

    Indus Motor (INDU) and Honda Car (HCAR) did not fare any better with 50 percent YoY/43 percent MoM and 59 percent YoY/27 percent MoM decline in volumes, respectively.

    The abysmally low sales because of COVID-19 outbreak have added to the sector’s already weak sales, resulting in overall auto sales registering a decline of 47 percent YoY in 9MFY20.

    The sales by Atlas Honda (ATLH) of motorcycles decreased by 24 percent YoY and 24 percent MoM to 69k units, which is the lowest monthly sale for ATLH since Jul-2016.

    The tractor sales recorded a 49 percent YoY decline, however fell by only 7 percent MoM.

    Millat Tractors (MTL) reported an increase of 2 percent MoM in its sales, while Al Ghazi Tractors (AGTL) sales declined by 22 percent MoM.

    The analysts expect tractors sales to be relatively less affected because of COVID-19 outbreak, as the focus of the government has been to keep agriculture related activities up and running.

  • Car sales come down by 44% in eight months

    Car sales come down by 44% in eight months

    KARACHI: The domestic car sales have declined by 44 percent during first eight months of current fiscal year owing to higher prices and economic slowdown.

    According to data released on Wednesday by Pakistan Automotive Manufacturers Association (PAMA), the total car sales declined to 90,834 units during July – February 2019/2020 as compared with 162,240 units in the corresponding period of the last fiscal year.

    Market experts attributed the decline to higher car prices and unattractive high interest rate. Besides the slowdown in economy is another major reason.

    The sales of Honda Car fell by 61 percent to 12,497 units during first eight months of current fiscal year as compared with 32,077 units in the corresponding period of the last fiscal year.

    The sales of Indus Motors fell by 49 percent to 22,707 units during the period under review as compared with 44,409 units in the same period of the last fiscal year.

    The sales of Pakistan Suzuki fell by 35 percent to 55,630 units during July – February 2019/2020 as compared with 85,754 units in the corresponding period of the last fiscal year.

    Pakistan’s car sales increased by 2 percent MoM in February 2020; led by 12 percent MoM rise in sales of Indus Motor (INDU).

    Pak Suzuki Motor (PSMC) and Honda Car (HCAR) both witnessed decline in sales by 3 percent MoM each.