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Car Sales Witness a 2% Uptick in May 2022

Sales of locally assembled passenger cars witnessed a slight uptick of 2% month-on-month in May 2022 with 22,893 units. Adding sales of non-PAMA members roughly make up 27,000 units last month. So far during the first 11 months of this fiscal year around 251,000 units have been sold which is 51% more than the corresponding period of previous year.

The staggering increase in car sales during 11 months of fiscal year 2022 was led by macro recovery. However the weakening of demand is yet to be visible in automobiles as the assemblers have a pile of advance bookings in their hands whose delivery time ranges between 2 to 9 months. The contraction in demand is expected by the end of calendar year 2022 due to higher interest rates, imposition of CVT, increase in advance taxes in the budget for FY23, restrictions on auto financing and the likely another round of price hikes by the assemblers.

Elantra white 1

As for sales performance in May 2022, Hyundai Nishat posted an increase of 33% month-on-month in sales led by Elantra, 148% month-on-month, and Sonata with 37% month-on-month surge. Honda Atlas recorded second highest increase of 11% month-on-month to 2,910 units in May 2022 led by increase in sales of City and Civic by 18% month-on-month.

Related: Auto Sector Expects Rollercoaster Fiscal Year Ahead

Indus Motor Company also posted increase of 2% month-on-month due to increase in sales of Corolla and Yaris by 4%. Pak Suzuki was the only player which reported decline of 3% month-on-month to 12,212 units in May 2022. All variant of the company reported decline except for Wagon R and Alto where sales were up by 24% and 9% month-on-month respectively.

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