Pakistan car sales (including sales of Non-PAMA members) clocked in at ~14k units down 59% MoM primarily due to production issues, higher car prices resulting low purchasing power of consumers, and less working days due to Eid ul Adha holidays in Jul-2022. The same is also down by 52% YoY.

Indus Motors (INDU) posted decline of 62% MoM to 2,375 units primarily due to non-production days in the month of Jul-2022. Similarly, Hyundai sales was down by 89% MoM to 201 units from 1,871 units in Jun-2022.

PSMC sales was down 58% MoM in Jul-2022. All variant of company reported decline in the range of 57-95% on MoM basis except for Alto where sales increased to 4,618 units from 1,216 units in Jun-2022, largely due to low base effect. 

Honda Atlas Car (HCAR) also recorded decline of 35% MoM to 2,537 units in Jul-2022 led by decline in sales of City & Civic by 30% MoM.

Amongst Tractors, Millat Tractors (MTL) recorded decline of 60% MoM and 65% YoY to 1,011 units . Al Ghazi Tractors (AGTL) recorded sales of 1,243 units, down 48% MoM and 12% YoY.

Pakistan bike sales were down by 33% MoM and 34% YoY in Jul-2022. Atlas Honda (ATLH) recorded sales of 80K units down 28% MoM and 20% YoY.

Trucks & Buses sales were down 22% MoM and 37% YoY to 379 units in Jul-2022 primarily due to drop in transportation activities amid slow down in overall economy.

Courtesy – Topline Securities