December 13, 2021 (MLN): The sale of passenger cars witnessed a 12% MoM decline during the month of November 2021, clocking in at 15,351 units as opposed to 17,413 units sold in October 2021 and 29% YoY higher as compared to November 2020, data from Pakistan Automotive Manufacturers Association (PAMA) showed Monday.
“The post rise in 150bps in Nov’21 MPS, the average markup rates have ballooned by 154bps mainly on the rise in consumer lending rates along with the drastic rise in secondary market yields,” Muhamad Saeed Khalid, Head of Research at Shajar Securities said.
This decline in auto sales volume during Nov’21 may be attributed to the reduction in transportation financing along with the lower purchasing power of the vehicle owners, he added.
However, the number of passenger cars sold in the country witnessed a massive growth of 62% YoY to 90,303 units during the first five months of the current fiscal year, mainly due to the post-COVID-19 robust growth in the economy, duty and tax relief announced in the federal budget fiscal.
Going by the details made available by PAMA, the total production of passenger cars was recorded at 16,629 units in November 2021.
During the month of Nov’21, the maximum number of sales were made within the '1300 cc and above' category at 8,102 units, down by around 6% MoM. Within this category, Toyota Corolla recorded the highest sales at 2,786 units, showing a fall of 12.3% MoM while Honda Cars (Civic and City) registered sales of 2,771 units, up by 4.5% on a sequential basis.
This was followed by Toyota Yaris, Hyundai Sonata, Hyundai Elantra, Suzuki Swift and which sold 1,975, 320, 244, and 6 units, respectively.
The second-highest number of sales was made within the ‘1000cc' category as its volumetric sales surged by 38.35% MoM and 52% YoY to stand at 3,640 units during the month under review. Within this category, Suzuki WagonR recorded the highest sales at 1,989 units, depicting the growth of 54% on monthly basis, followed by Suzuki Cultus which sold 1,291 units (up by 23% MoM).
On the other hand, the 'below 1000 cc' category took a hit as its volumetric sales plunged by 41.44% MoM to 3,609 units in Nov’21. In this segment, Suzuki Alto recorded the highest sales at 2,420 units, followed by Suzuki Bolan that sold 1,189 units in the said month.
The total sale of trucks during the month stood at 492 units, up by 11.6%MoM/ 93% YoY. Isuzu emerged as the best-selling truck, with sales of around 254 units during the month, followed by MASTER with 165 units. HINO and JAC made sales of 57 units and 16 units, respectively.
The overall sale of buses was recorded at 40 units, which signifies a decrease of 7% as compared to the previous month. Within this segment, MASTER made the maximum sales at 24 units while Hino and Isuzu recorded sales of 15 and 1 units, respectively during Nov’21.
Cumulatively, total sales of trucks and buses during the month clocked in at 532 units against the production of 443 units.
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