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Tag: PAMA

  • 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 plunge by 42pc in July 2019

    Car sales plunge by 42pc in July 2019

    KARACHI: Car sales have witnessed a sharp decline of 42 percent in July 2019 owing to massive depreciation in local currency and tax measures taken in the budget 2019/2020, analysts said on Monday.

    According to statistics released by Pakistan Automobile Manufacturers Association (PAMA), the car sales were 12,482 units in July 2019 as compared with 21,344 units in the same month of the last year.

    Industry analysts said that the local currency witnessed sharp decline during current calendar year, which hampered the growth in car sales.

    The significant decline was witnessed in cars with engine capacity of 1300CC and above. The sales of this segment fell by 62.6 percent to 3,607 units in July 2019 when compared with 9,659 units in the same month of the last year. The production of this category was also declined to 5,582 units as compared with 9,833 units.

    The sales of small cars with engine capacity of 1,000 CC also fell by 53.73 percent during the period under review. The sales of cars under this category fell to 2,051 units in July 2019 as compared with 4,433 units in the same month of the last year.

    The sales of cars below 1,000 CC, however, increased to 5,310 units from 4,783 units.