The car sales in Pakistan has increased by 44 per cent with a total of 14,543 units sold in January this year, as per data shared by the Pakistan Automotive Makers Association (PAMA).
Last year in January 10,095 units were sold. The increase is being attributed to an increase in leasing on a low interest rate environment.
As per stats, the sale of cars with 1300cc and higher powered engines increased 27 per cent to 6,944 units as compared to 5,467 units sold during the same month in the previous year. This increase can be attributed to sales of Toyota Yaris that hit 2,992 units.
However, the sale of Indus Motor’s popular Toyota Corolla reduced by 56 per cent, while that of Honda Civic and City increase by 10 per cent. Around 364 Suzuki Swifts were sold in the period under review compared to 144 sold last year.
In the 1,000cc category, Suzuki Cultus and Suzuki WagonR witnessed a 23 per cent increase in sales, while sales rose by 104 per cent in the 800cc category. The popular car in 800cc category was Suzuki’s new Alto.
PAMA also reported that the auto sector registered a rapid growth in the first seven months of the current fiscal year (7MFY21), posting an increase of 18 per cent in car sales, which include 137 per cent in jeeps, 32 per cent in pickups, 12 per cent in Fiat, 84 per cent in Massey Ferguson tractors and 18pc in two or three wheelers.
Meanwhile, heavy vehicles which posted negative sales during the period being discussed.
As per PAMA, a total of 81,569 units were sold in 7MFY21 compared to 69,189 units sold in the same period last fiscal.
Syed Fawad Bashir from Top Line Securities said that Lucky Motor Corporation, the maker of KIA vehicles, managed to sell 2,500 units in January 2021 alone.
He said that Lucky auto sales reached at PKR44 billion in 1HFY21 (36 per cent of total revenues) as compared to PKR12 billion in 1HFY20. While the net entrant, Hyundai Nishat managed to sell 1,600 units from August 2020 till January 2021.