KARACHI: Car assemblers recorded 120 per cent increase in sales to 13,013 units during the first month of this fiscal year compared to 5,911 units in July 2014.
The sales of Honda Civic dipped to 610 units in July 2015 as compared to 631 units in same month last year. However, the main contributor in the overall sales figures was Toyota Corolla with 3,868 units as compared to 673 units in July 2014.
Honda City maintained its smooth sales showing 80 per cent jump to 1,571 units as compared to 874 units in the corresponding month last year.
Suzuki Swift, Cultus, Wagon R, Mehran and Bolan sales increased to 310, 970, 529, 2,607 and 2,546 units as compared to 262, 807, 364, 1,475 and 817 units respectively, data released by Pakistan Automotive Manufacturers Association (PAMA) showed.
Muhammad Tahir Saeed at Topline Securities said overall healthy growth in auto sector was indicative of increase in per capita income, improved farmer economics and overall recovery of the economy. Car financing is also picking up gradually (currently estimated at 30pc compared to 5pc a few years back).
Car sales grew at a five-year (FY11-15) CAGR of 5.3pc to 179,953 units while volumes surged by 31pc in FY15 on the back of new model of Toyota Corolla, a taxi scheme of the Punjab government and an increase in car financing due to 42-year low interest rates. “Car sales to grow at 13pc in FY16 to reach at 203,653 units,” he added.
Tractor: This segment posted a decline of 41pc year-on-year during July 2015 to reach at 1,634 units as compared to 2,767 units in July 2014. Tahir attributed the decline to floods led by heavy rains and extended Eidul Fitr holidays. However, the government’s decision to maintain GST at 10pc in the budget 2015-16 would support the growth momentum in tractors volumes, he said.
Out of total sales, Millat Tractors sold 743 units in July 2015 compared to 1,703 units in the same month last year, while Al Ghazi sales plunged to 820 units in July 2015 compared to 1,056 units in the same month last year. Orient IMT Tractor sales went up to 71 units from just eight.
Toyota Fortuner sales fell to 56 units in July 2015 as compared to 70 units in July 2014, while Suzuki Ravi sales picked up to 2,502 units from 588 units. Toyota Hilux sales declined to 335 units from 363 units.
Overall truck sales showed 60pc increase to 278 units as compared to 174 units in which the share of Hino trucks was 115 units as compared to 74 units. Nissan, Master and Isuzu truck sales climbed to 66, 49 and 48 units from 24, 35 and 41 units respectively. Hino bus sales went up to 46 units in July 2015 as compared to 36 units in July 2014.
Published in Dawn, August 12th, 2015