Car Sales Surge by 44% in January 2021

Sales of local assembled automobiles witnessed a strong start to the new calendar year with 44% increase in January 2021. According to the data released by PAMA (Pakistan Automobile Manufacturers Association) 14,543 units were sold in January 2021 compared to 10,095 units sold in the first month of previous calendar year.

The strong sales comes on back of growing bank financing due to low interest rates & the beginning of New Year itself as the start of a calendar year statistically registers more sales compared to year end. On month-on-month basis, the sales were up 26% compared to the numbers from December 2020.

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More interesting is the fact that KIA, which is not yet a member of PAMA was able to outsell Honda in terms of sales according to Topline Securities having sold more than 2,500 units in January compared to 2,450 units sold by Honda Atlas. Sales of Toyota cars stood at 5,452 units whereas Pak Suzuki once again lead the charts in terms of numbers with 9,013 units sold in January 2021. Hyundai-Nishat which is a member of PAMA sold 515 units of locally assembled vehicles.

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Cumulative sales during the first 7 months of the FY2020-21 (July-January) stood at 81,569 units, up 18% compared to 69,189 sold in the same period a year earlier. Sales are expected to continue witnessing an upward trajectory in coming months.

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In terms of individual performances, Suzuki Alto continues to lead the sales charts with 3,827 units sold in January followed by Toyota Yaris which again outsold combined number of Honda Civic & City with sales of 2,992 units compared to 2,063 units sold by the Honda duo. Moreover, a significant boost in 4x4s and SUVs segment was witnessed as a historic 19% increase was observed driven by higher demand for the likes of Toyota Fortuner, Hilux, Kia Sportage and Hyundai Tucson.

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