Car Sales Increased by 35% in February 2021

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Sales of locally assembled passenger cars witnessed a healthy growth in February 2021 as sales grew by 35% to 16,436 units according to the data released by Pakistan Automobile Manufacturers Association (PAMA).

Despite higher car prices the increase in sales came on the back of improvement in economic activities and a lower interest rate which led to an increase in auto financing. As of the first 8 months of this fiscal year, total car sales rose to 95,139 units from 79,534 units in the corresponding period of previous year.

Pak Suzuki continued to lead the sales growth with a year-on-year increase of 66% to 8,903 units in February 2021. Suzuki Alto alone saw an increase of 162% y-o-y with 4,245 units. Honda Atlas witness an increase of 13% in sales to 2,429 units, while sales of Indus Motor Company fell 3% year-on-year to 4,384 units.

Hyundai-Nishat which is among the new entrants saw 651 units sold in February, its highest ever to date, whereas KIA which is not a member of PAMA is said to have sold around 2,500 units in previous month according to sources.

Auto sector was hit hard by the COVID-19 pandemic during the second half of FY-20, however sales have bounced after the lockdowns were eased in July 2020 as production resumed and the market demand increased.

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