KARACHI: The overall sales of cars, LCVs, jeeps and pickups plunged 47 per cent to 109,466 units during the first nine months of the current fiscal year from 205,452 units in the same period last year.
Despite a month-on-month jump of 61pc in March to 9,351 units, the auto sales dropped amid rising prices, expensive financing and plant shutdowns during 9MFY23.
The March sales were 66pc lower when compared with 27,202 units sold in March 2022.
As per the data issued by Pakistan Automotive Manufacturers (PAMA), truck sales came down by 46pc to 279 units in March from 521 in February, while it stood at 500 units in March 2022. As a result, 9MFY23 truck sales dropped 37pc to 2,825 against 4,493 units in 9MFY22.
Only 29 buses were sold in March as compared to 136 in February and 65 in March, indicating a month-on-month drop of 79pc and 55pc YoY. However, with low monthly sales, the overall 9MFY23 bus sales soared to 557 units from 458 units, up by 22pc.
Sales of tractors, the country’s barometer of agriculture indicators, decreased 49pc to 21,233 units as compared to 41,603 units in Fy22. With sales of 2,984 units in March, the MoM and YoY decline was 10pc and 47pc respectively.
Total two-wheeler sales clocked into 908,555 units, down by 33pc from 1.348mn during 9MFY22. In March, bike sales stood at 83,149 units, showing a fall of 17pc on MoM and 43pc on YoY.
Three-wheeler sales in March were 1,158 units, which was 54pc and 71pc low on MoM and YoY. Meanwhile, a drop of 48pc was recorded in overall three-wheeler sales in 9MFY23 to 16,148 units as compared to 31,231 units in FY22.
Honda Atlas Cars Limited suffered a blow of low sales of 835 in March, down by 49pc MoM and 77pc YoY, while 9MFY23 sales were down by 46pc to 16,278 units.
Despite a 61pc fall in monthly sales to 118 units, Sazgar Engineering sold 1,361 units in 9MFY22 against 170 units during FY22.
Pak Suzuki Motor Company Limited (PSMCL) sales swelled to 5,628 in March from 978 in February but remained 63pc lower on YoY basis. The overall sales of PSMCL plunged by 47pc to 57,922 units in July-March FY23 from 109,419 units last year.
Indus Motor Company (IMC), the assembler of Toyota vehicles, sold 6pc more vehicles in March to 1,912 units from 1,803 in February but posted a YoY fall of 73pc.
Sales of Atlas Honda Limited (AHL), the assembler of two-wheelers, came down by 16pc to 71,827 units from 85,047 in February while it dropped 38pc on YoY basis. As a result, the overall bike sales of AHL stood at 769,691 in 9MFY23 versus 1,018mn in the same period last fiscal.
Sunny Kumar of Topline Securities said sales of cars, LCVs, jeeps and pickups in March recovered due to improved availability of completely knocked down (CKD) kits due to eased LCs issues. However, its 9MFY23 sales remained bearish due to escalating prices, unavailability of completely knocked-down kits, unproductive days, costly auto financing due to soaring interest rates and the low purchasing power of consumers.
Published in Dawn, April 12th, 2023
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