Due in large part to the low foundation of the previous month, when the business only sold 674 units, Honda Atlas Car (HCAR) reported a 99 percent month-over-month (MoM) rise in vehicle sales, reaching 1,342 units in September 2023.
According to PAMA, total car sales in Pakistan reached 8,312 units, up 10% month over month (MoM) but down 26% year over year (YoY), according to Topline Securities. With non-PAMA members included, car sales totaled 10,000, up 9% MoM and down 23% YoY.
The decrease in CKD import concerns is responsible for the MoM growth in automobile sales. However, the rise in automobile costs, the high cost of auto financing, and consumers’ limited purchasing power are some of the main causes of the YoY sales fall.
“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,” JS Global’s Deputy Head of Research Waqas Ghani told ProPakistani. Having said that, a short-term trigger for the sector could be any lower pricing revisions by auto players following the recent recovery in the PKR versus the US$.
Automobile sales in the first quarter of FY24 were 20,983 units, a decrease of 40% YoY from the 35,002 vehicles sold in the first quarter of FY23.
Pak Suzuki (PSMC) was the lone manufacturer to report a loss of 1% MoM to 4,234 units in September 2023, driven by an 8% MoM decline in Alto sales.
Bolan, Cultus, and Ravi all had gains of 58 percent MoM, 38 percent MoM, and 9 percent MoM, respectively. At 506 and 359 units, respectively, Swift and Wagon-R sales in September 2023 are same from one year earlier.
In September 2023, Porter sales at 177 units are up 48% MoM while Hyundai sales are up 5% MoM. Sales at Indus Motors (INDU) are up 3% MoM, driven primarily by a 27% MoM rise in Fortuner and Hilux sales.
Al-Ghazi Tractors (AGTL) and Millat Tractors (MTL), two tractor manufacturers, had gains in September 2023 of 50% MoM and 29% MoM, respectively. owing to the low base from the previous year owing to flooding, the total number of tractors sold in the first quarter of FY24 was 12,090 units, up 64 percent YoY.
Sales of trucks and buses increased by 11% MoM but fell by 51% YoY to 185 units in September 2023, bringing the industry’s total sales to 547 units—a decrease of 45% YoY in the first quarter of FY24.
In September 2023, bike sales in Pakistan increased by 8% annually and 21% month over month. 95,056 units were sold by Atlas Honda (ATLH), an increase of 27% month over month and 11% year over year. Due to rising bike prices and customers’ limited purchasing capacity, total industry sales, which stood at 268,990 units in 1QFY24, were down 10% YoY.