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Car sales dip 15%, stand at 63,633 units for July-October

Car sales dip 15%, stand at 63,633 units for July-October

KARACHI: Local automobile sales (passenger cars and light commercial vehicles) for the month of October 2016 stood at 15,988 units, down 19% compared to 19,729 units in October 2015, according to the latest data release by the Pakistan Automotive Manufacturers Association (PAMA).

Similarly, combined figures for the first four months (Jul-Oct) of the current fiscal year 2017 (FY17) showed that total car sales amounted at 63,633 units, down by 15% in the same period last year.

However, if numbers under the Punjab Taxi Scheme are excluded, car sales actually increased 11% in the first four months of FY17. The scheme concluded earlier this year.

“Car sales to continued an upbeat trend in FY17 despite conclusion of the ‘Apna Rozgar’ Taxi Scheme. Locally-assembled car sales may clock in at 213,000 units, up about 13% year-on-year (excluding taxi units),” Topline Securities commented on Friday. The import quantity of used cars will stay in the band range of 55,000-60,000 units in FY17, (averaging at 4,500-5,000 cars per month). This will take the total sales of the automobile industry to 270,000 units during the fiscal year, the report added.

Pak Suzuki

Pak Suzuki (PSMC) sold 34,174 units in first four months of FY17 (4MFY17), showing a decline of 26% year-on-year. This is primarily because of lower sale of Ravi and Bolan variants due to conclusion of the taxi scheme.

Sales remained buoyant excluding the taxi units (17,000 in 4MFY16), posting an increase of 17% year-on-year. This was mainly fuelled by growth in sales of ‘WagonR’ (reaching highest ever sales of 1,400 units in October 2016) and ‘Swift’ models.

Indus Motor

Indus Motor (INDU) sales volume declined by 9% year-on-year as company sold 18,400 units in 4MFY17. INDU sales decreased by 26% year-on-year in October 2016. To point out, sales of Corolla fell 20% year-on-year to 3,954 units. Sales of ‘Hilux’ decreased 91% year-on-year to 43 units, due to expected launch of new ‘Hilux – Revo’.

Atlas Honda Cars

Honda Cars (HCAR) sold 11,059 units in 4MFY16, showing an increase of 42% year-on-year. Sales for the month of October 2016 registered an increase of 60% year-on-year.

The increase is mainly due to improved demand dynamics of the 10th Generation Civic because of its better reception among consumers with the first locally manufactured turbocharged engine in the offering, it added.

Courtesy : Express Tribune

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