Sales of local assembled vehicles continue to observe an upward trajectory with 29% increase on year-on-year basis with 14,054 units sold in October 2020 compared to 10,853 units sold in the same month a year earlier according to the data released by PAMA (Pakistan Automobile Manufacturers Association).
On month-on-month basis however, the overall car sales increased by mere 1% mainly due to the negative growth of Honda Atlas which saw an 18% reduction in sales whereas Pak Suzuki suffered from a 7% decline on M-o-M basis. However that 1% increase was driven by Indus Motor Company (IMC) which is experiencing some extraordinary times in terms of vehicle sales. IMC sales increased by 121% on YoY and 22% on MoM basis.
Toyota Yaris saw its sales increased by 26% becoming the bestselling car of the month with 3,058 units sold in October 2020 whereas the rest of the IMC lineup also witnessed very strong sales. The most expensive local assembled Toyota in Pakistan– the Fortuner SUV with a staggering 94% increase in sales saw 239 units leaving the showroom floors compared to 123 units sold a month earlier.
Related: Winners and Losers of October 2020
Sales of Toyota Hilux also increased by 45% with 870 units in October compared to 602 units sold in September 2020. Toyota Corolla which no longer has the hot selling 1.3L variants was still able to post a positive 8% growth with 1,314 units in October compared to 1,219 units sold in the previous month.
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In recent months, when Pak Suzuki and Honda Atlas are experiencing quarterly losses, IMC was able to see its profits increase by 40% for the quarter ended September 30, 2020. And now with the ongoing strong sales performance, IMC is expected to witness a further growth in coming months as market continue to rise. The CEO of IMC Ali Asghar Jamali has been delighted with his company’s recent performance & commented:
“We would like to appreciate our customers for their continued loyalty towards our products as well as acknowledging the tremendous and dedicated efforts of our staff, vendors, dealers, business partners and the entire Indus team during these challenging times.”
He added that IMC look forward towards continued support as it moved ahead with an expectation of the revival of economic activities and improved business activities in coming months.