Sazgar’s auto rickshaw sales drop 12% MoM to 1,341 units in March

April 08, 2024 (MLN): Sazgar Engineering Works Limited (PSX: SAZEW) witnessed a substantial drop of over 12% MoM in the sale of its auto rickshaws in March 2024, with 1,341 units sold compared to the sale of 1,524 three-wheelers in the previous month, the company’s filing on PSX revealed today.

Concerning production, the company made 1,551 units of Auto Rickshaw in March, compared to 1,515 units produced during February, reflecting a marginal rise of 2.17% MoM.

The company sold 505 four-wheel off-road and passenger vehicles, 21.98% MoM higher than the topline of 414 units recorded in the previous month.

Identical performance was witnessed in the production of the four-wheel vehicles that clocked in at 531 units, against the 416 units produced in February 2024.

SAZEW is a premier CNG 4 Stroke Auto Rickshaw (3 Wheelers) and Automotive Wheel Rims manufacturer.

With manufacturing facilities based in Pakistan and a Global Dealer Network, Sazgar is leading the Pakistani market and exporting to international markets.

It is worth highlighting that SAZEW's scrip in recent times has benefitted significantly due to certain developments that the company underwent.

In the latest development, the company has commenced pre-booking of a new model of locally assembled/manufactured Hybrid Electric Vehicle (HEV) under the brand "HAVAL JOLION HEV" and CKD roll-out of these vehicles on a commercial scale is expected in April 2024.

In February, while expanding its footprint in Pakistan's automotive sector, the company launched its first-ever Electric Vehicle (EV) car specifically for the local market.

In January 2024, the government granted the first license for electric rickshaw manufacturing at a special ceremony organized by the Punjab Transport Department in Lahore.

Furthermore, the Board of Directors (BoD) approved the acquisition of land worth approximately Rs847 million adjacent to the four-wheeler project.

Meanwhile, Sazgar also obtained three ISO certificates for its 4-wheeler project.

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