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Honda Records 100% Increase in Sales Month On Month in September 2023

Honda Atlas Car (HCAR) recorded a 99 percent month-on-month (MoM) increase in car sales, reaching 1,342 units in September 2023 primarily due to the low base of the previous month when the company sold only 674 units.

Overall car sales in Pakistan (as reported by PAMA) clocked in at 8,312 units, up 10 percent MoM while down 26% year-on-year (YoY), according to Topline Securities. Including non-PAMA members, car sales clocked in at ~10K, up 9 percent MoM and down 23 percent YoY.

MoM increase in car sales is due to the easing of CKD import issues. However, escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales.

Deputy Head of Research at JS Global Waqas Ghani told ProPakistani, “Despite signs of supply-side recovery, the path to normalcy for the sector remains uncertain as demand-related challenges are expected to restrain sales volumes in the near term. Having said that, any downward price revisions by auto players post the recent recovery in PKR against US$ may be a near-term trigger for the sector”.

In 1QFY24 car sales were recorded at 20,983 units, down 40 percent YoY compared to 35,002 units in 1QFY23. Pak Suzuki (PSMC) was the only one that recorded a decline of 1 percent MoM to 4,234 units in September 2023, led by an 8 percent MoM decline in sales of Alto.

Other variants including Ravi, Bolan, and Cultus recorded increases of 58 percent MoM, 38 percent MoM, and 9 percent MoM, respectively. Swift and Wagon-R sales remain flat MoM at 506 and 359 Units in Sep-2023.

Hyundai sales are up 5 percent MoM and Porter sales are up 48 percent MoM to 177 units in September 2023. Meanwhile, Indus Motors (INDU) sales are up 3 percent MoM led by an increase in sales of Fortuner and Hilux by 27 percent percent MoM.

Amongst Tractors, Al-Ghazi Tractors (AGTL) and Millat Tractors (MTL) recorded increases of 50 percent MoM and 29 percent MoM respectively in September 2023. This takes total tractor industry sales in 1QFY24 to 12,090 units, up 64 percent YoY due to the low base of last year amid floods.

Trucks and Buses sales were up 11 percent MoM while down 51 percent YoY to 185 units in September 2023, taking total industry sales to 547 units down 45 percent YoY in 1QFY24.

Pakistan bike sales were up 21 percent MoM and 8 percent YoY in September 2023. Atlas Honda (ATLH) recorded sales of 95,056 units, up 27 percent MoM and 12 percent YoY. This takes total industry sales to 268,990 units in 1QFY24 down 10 percent YoY due to higher bike prices and low purchasing power of consumers.

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