Tuesday Jan 12, 2021
KARACHI: Car sales in Pakistan increased 18% to 78,910 units during the first six months of the current fiscal year, The News reported Tuesday.
Industry data showed consumer demand is coming back to normal aided by low interest rates.
Suzuki, Indus Motors, Honda and Hyundai sales' were recorded at 67,019 units in the corresponding period last year, Topline Securities said, citing data from the Pakistan Automotive Manufacturers Association.
Demand is expected to continue increasing during the year.
“We expect demand for cars to grow stronger owing to low interest rates and pickup in economic activity,” Fawad Basir, an analyst at Topline Securities was quoted as saying by the publication.
Passenger car sales increased 12.6 percent to 11,247 units in December from 9,987 units sold during the same period in 2019. However, sales remained lower against 11,914 units sold in November 2020. Jeeps, buses, tractors, three-wheelers and motorcycles have also shown an increase in sales.
A drop was recorded in the December sales compared to November.
This usually happens as buyers wait for new models after New Years, an analyst said.
With arrival of new entrants, buyers get options and there are chances of an increase in sales in January as buying on lease is also picking up, he said.
In December, 1300cc and above car sales showed an increase by 49% to 4,838 units compared with 3,246 units sold during the same month in the previous year.
The main reason for the sales increase was the sale of Toyota Yaris, which sold 1,440 units. Sales of Toyota Corolla decreased 13.9%, while sales of Honda Civic and City were up 73% to 1,529 cars from 884 units, compared to the same period 2019. Suzuki Swift saw a decline to 74 cars from 277 cars sold last year. Suzuki did not produce Swift cars in December.
In December, 1,000cc cars – Suzuki Cultus and Suzuki WagonR – witnessed increase in sales by 34.58%.
Under 800cc cars, sales dropped 23%. Suzuki’s new Alto saw a decline in sales to 2,954 units from 3,700 units sold during the same month in 2019.
Buses and trucks saw a slight increase in sales to 342 units in December from 315 units during the same period in corresponding year.