Pakistan automobiles – Car sales down 47% MoM last month

Pakistan car sales (including sales of Non-PAMA members) clocked in at ~6.4k units, down 47% MoM, which is the lowest sales since May-2020 due to the non-availability of CKD parts amid LC issues which led to non-production days. On a YoY basis, Car sales are also down 73% YoY.

In 8MFY23, weak demand dynamics were evident from a 43% YoY fall in industry sales in Feb-2023. This is primarily attributable to escalating car prices, expensive auto financing, and the low purchasing power of consumers.

PSMC recorded a decline of 67% MoM and 92% YoY to 978 units primarily due to the abovementioned reasons. Indus Motors (INDU) reported a decline of 49% MoM to 1,803 units, followed Honda Car (HCAR) sales decline of 39% MoM and 40% YoY to 1,636 units in Feb-2023.

However, Hyundai sales up 11% MoM where Tuscon was up 14% MoM to 708 units and Elantra was up 40% MoM to 243 units in Feb-2023.

Amongst Tractors, Millat Tractors (MTL) recorded increase of 18% MoM to 2,602 units in Feb-2022 while Al Ghazi Tractors (AGTL) recorded decline of 39% MoM in sales to 728 units in Feb-2023. This takes total tractor industry sales to 18,249 units in 8MFY23 down 49% YoY due to floods, plants shutdown, lower consumer buying power and higher prices.

Pakistan bike sales were down 7% MoM and 26% YoY in Feb-2023. Atlas Honda (ATLH) recorded sales of 85K units, down 6% MoM and 19% YoY.

Trucks & Buses sales were up 40% MoM and 20% YoY to 657 units in Feb-2023. This takes 8MFY23 sales to 3,074 units down 30% YoY primarily due to drop in transportation activity and slow down in the overall economy.

Courtesy – Topline Securities

Posted in Telecommunication & Automobile News.

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