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Car Sales Go Through the Roof in November Despite Rocketing Prices

Pakistan car sales (including sales of Non-PAMA members) clocked in at 20,000 units in November, up 35% Month-over-Month (MoM), primarily due to the availability of CKD parts, which led to higher production in November 2022 as compared to October 2022.

According to Topline Securities, auto sales were down 2% YoY in November 2022, taking 5MFY23 car sales to 66,458 units, down 39% YoY from 108,635 units in the first five months of the fiscal year 2021-22, amid escalating car prices, expensive auto financing, and low purchasing power of consumers.

Pak Suzuki (PSMC) reported an increase of 55% MoM to 12,400 units in November 2022 followed by Honda Car’s (HCAR) increase of 38% MoM to 1,973 units in November 2022. The jump in sales is primarily due to the reason mentioned above.

Indus Motors (INDU) posted a decline of 4% MoM to 3,242 units in November from 3,374 units in October 2022. Hyundai sales were down 9% MoM where Sonata was down 45% MoM and Elantra was down 25% MoM.

Amongst Tractors, Al-Ghazi Tractors (AGTL) recorded a decline of 65% MoM to 137 units followed by Millat Tractors’ (MTL) sales of 1,103 units, down 27% MoM in November 2022. This takes total tractor industry sales to 10,498 units in the first five months of the fiscal year 2022-23, down 52% Year-over-Year (YoY) due to floods, lower consumer buying power, and higher prices.

Bike sales were down 3% MoM and 34% YoY in November. Atlas Honda (ATLH) recorded sales of 92,000 units, down 3% MoM and 28% YoY.

Truck and Bus sales were up 5% MoM but down 36% YoY to 342 units in November 2022. This takes in the first five months of the fiscal year 2022-23 sales to 1,661 units in 5MFY23 down 39% YoY primarily due to a drop in transportation activity and a slowdown in the overall economy.

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