Car sales surge 87% in July-August

Shahnawaz AkhterWeb Editor

11th Sep, 2021. 02:05 pm
vehicle

KARACHI: The sales of locally-assembled/manufactured cars registered a sharp increase of 87 per cent during the first two months of the current fiscal year, according to the data released by the Pakistan Automotive Manufacturers Association (Pama).

The car sales increased to 46,669 units during the first two months (July–August) of the current fiscal year, which is 87 per cent higher, compared with the sales in the corresponding months of the last year.

As reported by Pama, auto sales were down 13 per cent on a month-on-month basis and up 85 per cent on a year-on-year basis to 21,751 units.

On a month-on-month basis, the car sales were down due to high base, as Indus Motors and Pak Suzuki (PSMC) recorded highest-ever monthly sales in July 2021 due to the announcement of incentives in the budget and strong demand backlog, according to analysts at Topline Securities.

Honda Atlas (HCAR) sales were up 40 per cent MoM to 3,230 units in August 2021, amid launch of its new model Honda City during the month.

Hyundai Nishat posted a growth of 53 per cent MoM due to strong demand for its recently launched cars Hyundai Elantra and Sonata.

Pakistan’s car sales on YoY basis was up 85 per cent in August 2021 led by economic recovery, low interest rates and the launch of new models.

The two months of FY22, the car sales increased 87 per cent YoY to 46,669 units.

Similarly, bike sales went up 2 per cent MoM and 5 per cent YoY to 148k units. ALTH sales were up 18 per cent YoY to 100k units in August 2021.

Trucks and buses posted 27 per cent MoM decline; however, it was up 54 per cent YoY, as transportation activity picked pace and lockdowns eased in August 2021, compared with the last year.

The sales of tractors also went up 17 per cent YoY and down 23 per cent MoM to 3,316 units. MTL sales were down 9 per cent YoY and 31 per cent MoM, respectively.

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