KARACHI: Despite a massive price increase, State Bank of Pakistan (SBP) curbs on auto financing, and high interest rates, car sales increased by 51 per cent in 11MFY22 to 210,633 units from 139,613 units in the same period last fisca.
Car sales in May 2022 also soared to 19,395 units, up from 18,626 units in April 2022 amid Eidul Fitr holidays at the start of the month.
Consumers’ increased interest in pickups and jeeps resulted in a 43pc increase in sales to 40,255 units from 28,034 units. Month-on-month sales of these expensive vehicles fell to 3,498 units in May 2022 from 3,917 units in April 2022.
Car, pickup, and jeep assemblers have been so far riding high due to huge advance bookings made by the assemblers in the previous months.
However, Sunny Kumar of Top Line Securities believed that the economic slowdown, increase in interest rates and further tightening of financing by the SBP would significantly impact car sales moving ahead.
According to the Pakistan Automotive Manufacturers Association (PAMA), combined sales of Honda Civic and City increased by 42pc to 31,776 units in 11MFY22, compared to 22,450 units in the same period in FY21.
Toyota Corolla and Yaris sales increased by 114pc to 52,075 units from 42,912 units, while Suzuki Swift sales increased by 114pc to 4,514 units from 2,108 units due to a complete model change from October 2021 to March 2022.
In 11MFY22, sales of new market entrants Hyundai Elantra and Sonata were 3,120 and 2,581, respectively.
Suzuki Cultus and WagonR sales increased by 36pc and 78pc, respectively, in 11MFY22 to 20,701 and 20,997 units, up from 15,240 and 11,805 units in 11MFY21.
Suzuki Bolan 800cc and Alto 660cc sales increased by 33pc and 75pc, respectively, to 11,145 and 63,711 units in 11MFY22, up from 8,009 and 36,504 units in the previous year.
Total truck sales (Hino, Master, Isuzu, and JAC) increased by 59.6pc to 5,337 units from 3,343 units, reflecting increased transportation of locally manufactured and imported goods.
Despite a 4pc increase in Master sales, bus sales fell by 4.5pc to 572 units from 599 units.
The combined sales of Toyota Fortuner and innovative multipurpose vehicles (IMVs) soared to 16,149 from 9,789 units in 11MFY21. With a jump of 14pc, Hyundai Tucson’s sales stood at 3,998 units versus 3,517 units. Honda BR-V sales rose by 7pc to 3,773 from 3,536 units.
Published in Dawn,June 14th, 2022
