Sales of Local Assembled Cars Witness 37% YoY Growth

Car sales in Pakistan continue to surge as sales of local assembled vehicles amounted to 20,801 units rendering a 27% improvement compared to that of February. As of the first 9 months of this fiscal year, sales were increased by 37% to 134,522 units compared to 98,425 cars sold during the same period of previous fiscal year according to the data released by Pakistan Automobile Manufacturers Association (PAMA).

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The numbers are supposed to be much higher than what PAMA quotes since automakers including Kia, Changan, FAW, United and Regal are not members of PAMA but are producing local assembled vehicles in good numbers. Sales of non-member automakers is not represented in the data released by PAMA.

Adding the approximate number of vehicles produced by non-members take the number to more than 23,000 in March which is a three-year high figure for the local auto industry. According to Topline Securities, sales of Kia has witnessed an increase of 46% during the first 9 months of this fiscal year compared to the preceding year.

Almost all vehicles showed an impressive growth in sales with Indus Motor Company (IMC) leading the charts with 53% month-on-month growth in March. New entrant Hyundai-Nishat also posted its highest-ever sales of Tucson with 613 units as well as 46 units of the newly introduced Elantra.

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Sales of Honda and Suzuki witnessed a healthy improvement in sales during March 2021 with 30% and 14% increase respectively, helping the companies recover from the decline in profits suffered during the previous year primarily due to COVID-19 lockdowns. Now with handsome sales, improved local currency value and the vehicle prices still standing at where they were during the $1=Rs168 era, the celebratory period of local auto industry seems to have been initiated.

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