Honda targets motorcycle exports worth $25 million in MY24

• Atlas Honda Limited (ATLH) aims to achieve $25 million in motorcycle exports in MY24.
• The company has identified Iran and Iraq as potential export markets for Pakistani motorcycles.
• Around 80% of Chinese players have exited the industry due to import restrictions.

Atlas Honda Limited (ATLH) aims to achieve $25 million in motorcycle exports in MY24, with Iran and Iraq identified as potential export markets for Pakistani motorcycles. The company disclosed this information during a corporate briefing session to update investors on its financial performance in FY23.

During the briefing, ATLH revealed a decline in sales, selling 1.1 million units in MY23 compared to 1.3 million in the previous year. For MY24, the company targets selling over 1 million units while anticipating the industry volume to range between 1.3 and 1.5 million units.

ATLH disclosed that the localization level is 94.4% for CD70, 92% for CG125, and 84.3% for Pridor.

The company reported no challenges in importing raw materials and maintains up to 4 months’ worth of raw materials in stock.

ATLH stated that around 80% of Chinese players have exited the industry due to import restrictions.

According to the company’s statement, the widespread adoption of EV bikes will be a gradual process since lithium-based e-bikes are both costly and face constraints due to the limited global supply of lithium, which is predominantly used in electric vehicles (EVs).

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In terms of domestic demand, around two-thirds of it, consisting of rural and remittance customers, remains unaffected. However, urban demand has been impacted by inflation.