Pakistan Automotive Manufacturers Association (PAMA) released new data on sales of locally assembled vehicles. The data showed an increase of 17% as compared to last year. The vehicles included jeeps and light commercial vehicles.
According to the data, compared to last year sales of 16,060 units, a total of 18978 units were sold in September 2017. However, the data for September’17 showed a decline of 15% as compared to sales figures for August 2017 where 22,094 units were sold.
Cumulative industry sales during the first three months of current fiscal year exhibited 27 percent growth to 60,470 units.
A Topline Securities report said:
These numbers are in line with estimates given fewer working days in September 2017 due to Eid-ul-Azha holidays compared to August 2017.
A 27% growth was seen in the cumulative industry sales with 60,470 units being sold during the first 3 months (July-September) of the current fiscal year.
According to the report, the sales figures of the first three months are on track as the total expected sales for the current fiscal year are 236,000 units.
Honda (HCAR) continues to stay ahead of all the other assemblers. The successful new models Civic and 7-seater BRV helped Honda register a 24 percent growth. Honda’s sales grew 56 percent to 12,606 units in the first quarter of the current fiscal year.
Suzuki’s (PSMC) sales posted an increase of up to 22% year on year. Mehran, WagonR and Cultus posted a rise of +43%, +60% & +33% respectively.
Suzuki’s combined sales were up 30 percent to 32,777 units in the first quarter of the current fiscal year.
Toyota Indus motors were outclassed by its competitors due to production constraints. Figures posted an increase of 4 percent only in September 2017 and a 5 percent in the first quarter of the current fiscal year.
Tractor sales continue to rise showing an upward trajectory with sales growing by 74% year-on-year in September 2017.
According to the report, tractor sales will further increase as Rs. 2 billion has been given to the farmers in subsidies by the Sindh government. Furthermore, the general sales tax on tractor purchase has also been reduced.
Sales of trucks and buses also posted a huge increase of 37% in September this year. While 23% increase was seen in the first quarter of the current fiscal year
The trend in the increase of the sales figures of the auto industry will continue as it is directly affected by the ongoing projects of China Pakistan economic corridor.