Car Sales Increased 9 pc Despite Curbs on Non-Filer – Research Snipers

Car Sales Increased 9 pc Despite Curbs on Non-Filer

car sales increased

As per the released sales record of the Pakistan Automotive Manufacturers Association (PAMA), the car sales increased 9 per cent. PAMA has unveiled its sales data of the locally assembled vehicles for the month of July 2018, which indicates a clear surge in the sales of the car and light commercial vehicles (LCV) year-on-year to 21,334 units.

The industry sales, which experiences a fall in recent months, also recovered a month-on-month surge of fifteen per cent.

Indus Motor Company (IMC), who are the sellers of Toyota cars in Pakistan, has done a recorded sale of more than eight hundred and fifty units in July this year in comparison to the corresponding month of the last year.

As per Taurus Research, the surge in the car sales of Toyota was because of the IMC’s paint shop de-queuing.

Pak Suzuki Motor Company (PSMC) has sold four hundred and forty-seven units in July on a year-on-year basis. Its sales volume indicates a noble four per cent increase while IMC headed the pack with eighteen per cent higher sales.

The sales of Honda cars improved by ten per cent year-on-year basis. However, the light commercial vehicles sales decreased both on the month-on-month and year-on-year basis. On yearly basis, the sale decreased by twenty-four per cent while on monthly basis the sales decreased by fourteen per cent.

The Toyota Fortuner sales also decreased by nineteen per cent. Honda BR-V sales also decreased majorly by forty-six per cent and Ravi also displayed a steep decrease of thirty-four per cent.

Toyota Hilux, in the meantime, showed an increase of forty-four per cent. The sale of tractors showed a fall by sixteen per cent on a year-on-year basis as customers previously made heavy purchases right after the budget was announced, in fear of the enforcement of a law that would limit non-filers of tax returns from buying tractors, and also owing to the end of the sowing season.

Millat Tractors and Al-Ghazi Tractors also witnessed a decrease in their sales volume by three and forty-six per cent respectively.

Syed Daniyal Adil—Topline Securities’ Analyst said that they believe that with an increase in the interest rate and rupee depreciation along with the condition that only the tax return filers would be able to register a new vehicle, the growth momentum may decrease in the upcoming months.

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