KARACHI, July 16(ABC): Auto sales surged by a whopping 55% during the fiscal year 2021-22, however, growth is seen moderating as borrowing costs rise and as parts markers struggle to meet demand, reported.
Arif Habib Limited in its commentary noted that the yearly auto sales reached an all-time high of 279,700 units (+55% year-on-year) during FY22.
Data released by Automotive Manufacturers Association (PAMA), showed that car sales rose 103.5% in June 2022 year-on-year.
The association reported that passenger car sales (PAMA member cars) increased by 54.9% to 234,180 units in FY22 compared with 151,182 units sold during the same period last year. Sales in June 2022 remained higher by 103.5% to 23,547, compared with 11,569 units in June 2021.
During the period, sales of 1,300cc and above car were recorded at 104,321 units, up 39% compared with the same period last year’s sales of 75,097 units. It included 35,197 units of Honda Civic and City, 6,190 units of Suzuki Swift, 56,528 units of Toyota Corolla and Toyota Yaris, 3,610 units of Hyundai Elantra, 2,782 units of Hyundai Sonata and 14 units of BAIC D20.
The sale of 1,000cc cars was recorded at 46,300 units, up from 30,169 units during the FY21. This included 23,169 units of Suzuki Cultus and 23,131 units of Suzuki WagonR. Below 1,000cc cars, sales were recorded at 83,559 units from 1,403 units sold during the same period last year.
Buses and trucks saw an increase to 6,498 units in FY22 from 4,347 units in FY21.
Meanwhile, the sale of jeeps and pick-ups increased to 45,087 units from 30,215 units sold during the same period last year. Sales of tractors rose to 58,947 units from 50,920 units.
The sale of rickshaws and motorbikes slightly fell to 1.821 million units during FY22 against 1.903 million units of the same period last year.
Topline Securities analyst Sunny Kumar said car sales (including sales of non-PAMA members) clocked in at 33,000 units up by 24% month-on-month primarily due to the resolution of production issues and higher working days as compared to May 2022.
Pak Suzuki Motor Company (PSMC) and Hyundai Nishat recorded the highest ever monthly sales of 16,009 units and 1,871 units in June 2022. PSMC sales were up 31% month-on-month in June 2022.
“All variants of the company reported an increase in a range of 37-94% on a month-on-month basis except for Wagon-R and Swift where sales were down by 5% and 4% month-on-month, respectively.
Similarly, Hyundai Nishat’s sales were up 9% month-on-month led by an increase in sales of Tucson, 897 units (up 40%) and Porter 283 units (up 268%).
Indus Motors posted an increase of 7% month-on-month to 6,309 units due to an increase in sales of Corolla and Yaris by 4,453 units (up 4%). Honda Atlas Car also recorded an increase of 34% month-on-month to 3,903 units in June 2022 led by an increase in sales of City and Civic by 18%.
Amongst Tractors, Millat Tractors recorded an increase of 75% month-on-month to 4,389 units and Al-Ghazi Tractors’s sales up 33% to 3,201 units. This takes total tractor industry sales to 59,000 units, up 16% year-on-year in FY22.