Pakistan’s automobile sales surge 52% in November

Pakistan’s automobile sales surged 52% in November compared to the same month last year due to lower financing rates, improving macroeconomic indicators, low-base effect, and introduction of new car models.

Local assemblers sold 9,800 units in November compared to 6,500 units last November, according to Pakistan Automotive Manufacturers Association (PAMA).

Auto sales in the first five months of the fiscal year stood at 50,500 units, reflecting a 50% growth compared to the same period last year.

Customers bought 3,930 units of 1,300cc cars, while 1,000cc car sales totaled 381 units. The below 1,000cc segment sales reached 3,598 units.

Additionally, PAMA introduced a new electric vehicle category, with Dewan Motors' Honri VE recording sales of 63 units in November.

Indus Motors Company (INDU) reported a 27% sequential decrease in volumetric sales to 1,854 units. This was primarily due to 93% monthly decline in sales of the Fortuner and Hilux models. Furthermore, Corolla, Yaris, and Corolla Cross models also experienced a decline.

Pak Suzuki (PSMC), reported a 33% decrease, maintaining sales at 4,738 units. Major decline was witnessed in PSMC’s Bolan sales by 80%.

In addition, sales of Cultus, Wagon R and Alto witnessed a decline of 48%, 11% and 41% compared to October. Other vehicles, such as Swift and Every’s sales jumped 178% and 147% respectively.

Honda Atlas Cars (HCAR) depicted a 27% sequential decrease due to 29% decrease in Civic and City sales, while Honda HRV and BRV sales witnessed an increase of 6% in the month.

Sazgar Engineering (SAZEW) registered a 42% decrease in sales, recording 584 units sold compared with last month. This decline is primarily attributed to a 42% decrease in Haval sales.

Two-wheeler sales volumes surged 35% to 117,340 units in November compared with 87,109 units in the same month last year.

Tractor sales saw a significant 98% sequential increase in November. The overall rise can be attributed to the low-base effect and the distribution of tractors under the Punjab government's Green Tractor Scheme.