LAHORE: The local car assemblers sold 47,645 units in first quarter of fiscal year 16-17, showing a decline of 13 percent.
According to the latest data released by Pakistan Automotive Manufacturers Association (PAMA), the taxi units sales increased by 12.6 percent YoY. It is expected that car sales will remain robust in FY17 despite conclusion of Apna Rozgar Taxi Scheme. It is hoped that car sales will clock in at 213k units, an increase of 13 percent YoY (ex-taxi units). PSMC sold 25,201 units in 1QFY17, showing a decline of 25 percent YoY.
This is primarily because of lower sale of Ravi and Bolan variants due to completion of the taxi scheme. Sales remained buoyant excluding the taxi units (12,500 in 1QFY16), posting an increase of 18 percent YoY.
INDU’s sales reduced by 3 percent YoY as company sold 14,385 units in the first quarter of FY16-17. Sales decreased by 13 percent YoY in Sep 2016.
Breakdown of the data reveals that sales of Corolla fell 4 percent YoY to 4,405 units. The decline is attributed to introduction of HCAR’s new Civic model.
Similarly, sales of Hilux came down by 61 percent MoM to 318 units due to expected launch of new Hilux Revo variant this year.
HCAR sold 8,059 units in 1QFY16, showing an increase of 36 percent YoY. Sales for Sep 2016 registered an increase of 38 percent YoY. However, due to extended holidays during the month, sales posted a decline of 13 percent MoM to 2,764.
The increase is mainly due to sale of the 10th Generation Civic which has received great attention from the customers. As per our channel checks, more than 10,000 bookings have already been made for the new Civic.
Further, as per news reports orders have been completely booked for 2016 and deliveries for bookings being done now will be made in 2017.
Pakistan tractor segment reported a 4 percent YoY increase in sales for 1QFY17 to 7,004 units. For Sep 2016, sales improved 2 percent YoY to 3,172 units.
Uptick in sales can be attributed to 5 percent reduction in General Sales Tax (GST) on tractors and improved farm economics.
Trucks & Buses segment of Pakistan automobile sector has posted an increase of 62 percent YoY. Total sales clocked in at 1,993 units in the first three months of the current fiscal year.
During the quarter, major increase was seen in sales of Isuzu trucks, a brand of Ghandhara Industries, of 82 percent YoY followed by 66 percent YoY increment in sales of Hinopak Motors.
