Car sales up 35 per cent in November

KARACHI: The car sales, including the sales of Non-Pakistan Automotive Manufacturers Association (PAMA) members, clocked in at 20,000 units in November, up 35 per cent on a monthly basis.

Sunny Kumar at Topline Securities attributed the increase in the sales to the availability of completely knocked down (CKD) parts which led to higher production in November compared with October.
“However, the auto sales were down 2 per cent on a year-on-year basis in November. The car sales reached 66,458 units during the first five months of fiscal year 2023, down 39 per cent from 108,635 units during the same period of last fiscal year amid escalating car prices, expensive auto financing and low purchasing power of the consumers,” he added.

The sales of Pak Suzuki (PSMC) witnessed an increase of 55 per cent on a monthly basis to 12,400 units in November followed by Honda Car (HCAR), which recorded an increase of 38 per cent to 1,973 units.
On the flip side, Indus Motors (INDU) sales posted a decline of 4 per cent to 3,242 units, compared with 3,374 units in the previous month. Hyundai sales were also down 9 per cent on a monthly basis where the sales of Sonata declined 45 per cent and Elantra was down 25 per cent.

Amongst Tractors, the sales of Al Ghazi Tractors (AGTL) recorded a decline of 65 per cent on a monthly basis to 137 units, followed by Millat Tractors (MTL), the sales of which were down 27 per cent, to clock-in at 1,103 units in November.

“This takes the total tractor industry’s sales to 10,498 units during the first five months of fiscal year 2023, down 52 per cent on a year-on-year basis due to floods, lower consumer buying power and higher prices,” Kumar remarked.

The bike sales in the country were down 3 per cent on a month-on-month basis, and 34 per cent on a year-on-year basis in November, as Atlas Honda (ATLH) recorded the sales of 92,000 units, down 3 per cent on a monthly basis and 28 per cent on a yearly basis.

The sales of trucks and buses were up 5 per cent on a monthly basis while the same were down 36 per cent on a year-on-year basis to 342 units in November.

This takes the sales to 1,661 units in the first five months of fiscal year 2023, down 39 per cent on a yearly basis primarily due to a drop in transportation activity and slowdown in the overall economy.

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