Car sales decline 25% in January

KARACHI: Pakistan car sales, including the sales of non-Pama members declined 25 per cent on a month-on-month basis to clock-in at 24,000 units in January 2022.

Analysts at Topline Securities said that the decline in the sales is due to the high base and pre-buying in the anticipation of price increase by the auto-assemblers.

Pakistan car sales as reported by Pakistan Automotive Manufacturers Association (Pama) were also down 25 per cent on a month-on-month basis.

Pak Suzuki (PSMC) and Honda Atlas Car (HCAR) posted a decline of 42 per cent and 14 per cent on a month-on-month basis respectively, due to high base effect and supply constraints for PSMC.

Indus Motors (INDU) sales were up 9 per cent in January 2022 led by increase in Fortuner and Hilux Sales.

The new entrant into Pak auto space, Hyundai Nishat sold 612 units in January 2022, recording a decline of 20 per cent on a year-on-year basis.

During July–January 2021/22, Pakistan auto sales were up 61 per cent led by macro recovery and single digit interest rates.

Tractor sales in January 2022, were up 11 per cent on a month-on-month basis while the same declined 5 per cent on year-on-year basis.

The sales of Al Ghazi Tractors (AGTL) recorded an increase of 66 per cent on a month-on-month basis while it showed a growth of 45 per cent on a year-on-year basis. The Millat Tractors (MTL) sales declined 9 per cent on a month-on-month basis and 22 per cent on a year-on-year basis.

Pakistan bike sales were up 8 per cent on a month-on-month basis, while the same were down 6 per cent on a year-on-year basis in January 2022. This takes the bike sales to 1.1 million units with a decline of 2 per cent on a year-on-year basis during the first seven months of fiscal year 2022.

The trucks and buses sales were up 132 per cent on a month-on-month basis while the same showed an increase of 114 per cent on a year-on-year basis in January 2022 led by the increased transportation activity.