Covid-19 pandemic had not been easy for many walks of life. Different economies worldwide faced a decline in profits; countless people lost their jobs, some businesses closed forever. The past one and half years were rough. But once the vaccination process started across the country, the economic activities witnessed a revival and here we are, back on track and running.
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According to Pakistan Automotive Manufacturing Association (PAMA), the overall car sales in Pakistan rose to 104% higher in July 2021 compared to July 2020. As per the stats shared by PAMA, the passenger car sales increased to 20,669 in July 2021, which was 10,123 in the same month of last year.
In July 2021, this staggering increase in car sales happened due to the reliefs and tax cuts announced by the government in the budget 2021-2022. The government provided significant relief to car buyers, which resulted in decrease in car prices. The rumors about this relief were already in the air which is why people held the car purchases till the time it was fully functional. The massive car purchases not only boomed the economy but also boosted the confidence of local car buyers. The low financing rates also own the responsibility of automotive sales increase as it rose to 97 billion in the last fiscal year.
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Calculating the automotive sales increase, Pak Suzuki and Indus Motor Company (IMC) led the cars sold in July 2021, both setting highest-ever monthly sales record since their inception. Pak Suzuki records skyrocketing profits to 197% selling 15,181 units in July. On the other hand, IMC saw an increase of 48% and sold 6,715 units in the same month.
In terms of individual sales performance of Pak Suzuki cars, the Alto 660cc sold 6,110 units, Swift 225 units, Cultus 4,213 units and WagonR 2,131 units. Sources have revealed that Pak Suzuki plans to bump up the production to meet the increased demands of its cars to keep on enjoying the largest market share in Pakistan.
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For IMC, the car with the most sales is Toyota Yaris with 2,700 units sold, followed by Corolla 2,320 units and Fortuner 418 units. However, Honda saw a significant decline in sales in July 2021. It saw a drop of 30% on the month on month basis. Reason being due to the anticipated rollout of the 6th gen Honda City and the discontinuation of the old model. Sales of new player Hyundai stood at 157 and 163 units in July for Elantra and Sonata respectively.
Non PAMA members including Changan, Kia, United & Regal etc are believed to have contributed with more than 3,000 units combined. Among which 1,800 units are believed to be of Kia with Sportage leading the table.
Contributed by Ayesha Munir
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