For the second consecutive month, auto sales in the country are going up by a good margin. In September, the year-on-year growth was 3% which have now doubled in October.
The monthly rise in the sales was 28 percent for the last month with sales of 24,850 units.
According to car sales data compiled by Topline Securities, variants of the Corolla, City, Civic, Cultus, Swift, and Ravi were among the most sold cars in October.
Syed Daniyal Adil, a Topline analyst, believes that the hint of an increase in prices from November by several automakers might also have encouraged customers to make an early purchase.
He said the higher number of working days in October might also be one of the factors in sales growth in October.
“To note, volumes had fallen in July and August 2018, but were up 3% year-on-year in September 2018,” he said.
Daniyal maintained that the deteriorating macroeconomic situation in the country since December 2017 had impacted sales of the cars. “The slowdown in demand will be more apparent post-December 2018, in our view,” he added.
Toyota’s Best Month
Indus Motor (INDU) attracted the highest number of buyers in October with sales volume going up by 25% year-on-year and 30% month-on-month. Last month subsequently proved to be the second most successful in its operational history with sales of 6,409 units. January 2015 was the INDU’s best month when they sold record 6,415 units in 30 days.
Notably, variants of Corolla were up 33% year-on-year; while, Hilux and Fortuner sales declined by 6% and 23% year-on-year respectively.