According to industry reports local automotive manufacturers experienced a surge in production and sales by 12% to approximately 81,491 unit year-over-year (YoY) in the past five months. However, if we exclude sales made under the Punjab Taxi Scheme, car sales actually plunged by 13% YoY during July-November 2016.
As per data published by the Pakistan Automotive Manufacturers Association (PAMA) on Tuesday, local vehicle manufacturers managed to sell 81,491 units (which includes van, jeeps and LCVs). Also, car sales stood at 17,800, down by 6%. To be more specific, Suzuki Bolan, Suzuki Mehran and Toyota Corolla constituted a bulk of this with 1,799, 3051 and 5,019 units respectively.
“Car sales will remain buoyant in fiscal year 2017 despite conclusion of the Apna Rozgar Taxi Scheme and locally manufactured car sales will stand at 210,000 units, a rise of 11% year on year (ex-taxi units),” according to analyst at Topline Brokerage said.
Considering the addition of 5000 imported vehicles per month to inventories, the total vehicles sales stand at 270,000 units in 2016.The analyst said, “Indus Motors (INDU) is backed by continued demand for its flagship product ‘Corolla’, and upgradation of the product portfolio through introduction of new ‘Hilux-Revo’ and 2nd generation ‘Fortuner’”.
Moreover, Honda Atlas vehicles managed to sell 14,155 units in the first five month of 2017, which represents a surge of 49% YoY. In contrast, Indus Motors experienced a sales volume drop of 8% with the automaker selling 23,783 units in the past 5 months. And Pak Suzuki Motor managed to sell 43,533 units in the past 5 months, experiencing a decline of 25% YoY, mainly because of lower sales of Ravi and Bolan models after the wrapping up of the taxi scheme.