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Tag: PAMA

  • 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

  • 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.