According to the latest statistics released by the Pakistan Automotive Manufacturers Association(Pama), sales of locally manufactured cars increased 114% year on year (YoY) in July 2021.
In July 2021, total sales were 24,918 units, up from 11,659 units in the previous fiscal year’s same month.
Topline Securities analysts predicted that car sales would be around 27,000 units in July 2021, including Lucky Motor Corporation, i.e., KIA.
According to analysts, the volumetric increase was primarily driven by Pak Suzuki Motor Company and Indus Motor.
To recall, the government announced relief and tax cuts in the Federal Budget 2021/22, resulting in an overall decrease in car prices. As a result, customers postponed purchases until July 2021.
Pak Suzuki volumes increased 197% month on month (MoM) to 15,181 units. On a month-to-month basis, Indus Motor increased by 48% to 6,715 units.
However, Honda Car sales were down 30 percent year on year, owing largely to the anticipated rollout of the new Honda City model.
In terms of new entrants, Hyundai Nishat saw a 4% MoM increase to 627 units with the addition of its new model ‘Sonata.’ Lucky Motor Corporation sold approximately 1,600 to 1,800 units in July 2021, which is comparable to the previous month.
