Car demand post-COVID-19 has risen to new heights due to the arrival of several new models and disposable income savings. A report from Business Recorder claims that the auto sector has registered a massive growth in volumetric sales Year Over Year (YOY) up until the 11th month of the fiscal year 2022 (11MFY2022).
The report claims that the auto sector has recorded roughly 270,000 sales in 11MFY2022. It adds that these figures are exclusive of Kia, Changan, and other new automakers’ sales. With their sales accounted for, the total figure comes in at around 300,000 units.
As always, Pak Suzuki Motor Company (PSMC) remains a front-runner with over 130,000 units sold, recording YoY growth of 62 percent. Toyota takes the second spot with over 60,000 units sold, recording YoY growth of 59 percent. Honda comes in at third, recording YoY growth of 37 percent with over 30,000 units sold.
Although the sales have remained strong in the past year, they are likely to take a nosedive starting from the second quarter (Q2) of FY2023. The automakers have also predicted a slump in sales of up to 25 percent, citing rising shipping costs, raw material costs, fuel costs, local currency depreciation, and the subsequent price hikes.
However, some analysts believe that the sales will remain strong up until Q1 FY2023 thanks to pre-booked orders. They say that it would be interesting to see how the sales hold up in Q3 FY2023 or Q4 FY2023, as that is when the car and fuel price hikes will truly begin taking a toll on the demand.