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CPI Preview: Inflation to fall below 14% YoY in May

Car sales rise 1.94% MoM to 7,953 units in February

Car sales rise 1.94% MoM to 7
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March 12, 2024 (MLN): Passenger car sales edged up 1.94% MoM in February 2024, clocking in at 7,953 units compared to 7,802 units recorded in January 2024, the latest data from the Pakistan Automotive Manufacturers Association (PAMA) showed today.

To recall, car sales surged to their highest number since December 2022 in the previous month. This was primarily due to the new year boost in auto sales which has extended into February as well.

Similarly, on a year-on-year basis, the sales of cars have spiked 2.18x YoY compared to the 3,642 cars sold in February 2023.

On the other hand, cumulatively in 8MFY24, sales clocked in at 46,417 units, around 40.93% lower than the total sales in 8MFY23.

The total production of passenger cars was recorded at 48,402 units in 8MFY24, down 40.84% YoY as compared to 81,809 units made in 8MFY23.

In the month of February alone, production was recorded at 8,002 units, down by 16.77% MoM compared to 9,614 in January 2023.

Conversely, on a year-on-year basis, the production has increased significantly by 69.97% YoY compared to the production of 4,708 units in February 2023.

The auto industry in Pakistan has witnessed a robust rebound since January as earlier it had been struggling with various issues including high inflation, currency depreciation, low demand, and political uncertainty.

These issues, compounded by supply chain disruptions in securing critical parts and materials, added to the woes of the sector.

However, with the State Bank of Pakistan (SBP)’s decision to ease import restrictions taking effect now, the auto sector has regained its strong position.

The data released by PAMA further showed that the maximum number of sales was made within the ‘1300cc and Above’ category at 3,941 units in February. Within this category, Toyota (Corolla, Yaris & Corolla Cross) recorded the highest sales at 1,759 units, followed by Honda Cars (Civic & City) which sold 1,375 units.

The second highest number of sales was made within the ‘Below 1000cc’ category at 3,556 units during the review month.

Within this category, Suzuki Alto recorded sales of 3,373 units, while 183 units of Suzuki Bolan were sold.

The ‘1000cc’ segment witnessed a sale of 456 units in February 2024.

The total number of trucks sold stood at 290 units, which translates into a massive decline of 44.34% YoY as compared to 521 units in the same period last year.

The sales of motorbikes and three-wheelers fell 10.38% MoM to stand at 93,764 units, as compared to 104,619 units in January 2024.

Moreover, on a YoY basis, sales of three-wheelers have dropped by 8.97% YoY, compared to 103,003 units sold in February 2024.

The production of motorbikes and three-wheelers stood at 94,888 units, down 7.58% MoM and 7.43% YoY.

It is worth mentioning that Honda held the majority share in both the production and sales of 2/3 wheelers in February.

Copyright Mettis Link News

Posted on: 2024-03-12T11:10:59+05:00