The local car assemblers who make automobiles including Light Commercial Vehicles, Vans and Jeeps, saw a year-on-year decline of 13 percent in sales during first five months of financial year 2016-17.
Automobile companies in this period, managed to sell a total of 81,491 units, according to latest data released by Pakistan Automotive Manufacturers Association (PAMA).
For the month of Nov 2016, car sales stood at 17,800 (exceeding our expectation of 16,000 units), down 6% YoY. However after adjusting for taxi scheme, units posted a 20% YoY growth in Nov 2016.
Toyota Corolla, Suzuki Mehran and Suzuki Bolan clinched the positions of top three sellers with 5,019, 3,051 and 1,799 units respectively.
The car sales will remain buoyant in the current financial year 2016-17 despite the conclusion of ‘Apna Rozgar’ Taxi Scheme with locally manufactured car sales are likely to reach 210,00 units due to high local demand.
Pakistan Suzuki sold 43,553 units in 5MFY17 showing a decline of 25% YoY. This is primarily because of lower sales of ‘Bolan’ and ‘Ravi’ variants during the period due to conclusion of the Taxi scheme.
The sales of Indus Motor Company (IMC) declined by 8% YoY as company sold 23,783 units in 5MFY17. To point out, assembly lines suffered through production breakdowns resulting in subdued volumes during the period under review; however the plant has managed to achieve smooth operations from November.
Honda sold 14,155 units in 5MFY16 showing an increase of 49% YoY. This increase is mainly due to strong demand dynamics of the 10th Generation Civic with first locally manufactured turbocharged engine in the offering.
good will reduce IMF loan and F.E deficit.