As per the latest automobile sales number by PAMA, auto sales showed a decline of 6% MoM | 51% YoY to 10,953 during Sep’22, on account of i) fall in auto financing (down by 2.2% MoM), and ii) higher car prices affecting consumer affordability. Besides, the measure taken by SBP to curb imports are still intact; hence, auto assemblers need prior permission on import of CKD units and raw materials resulting in production limitation.
Further, PKR volatility and increased international commodity prices still remains a serious concern for the Automobile sector.
1,300cc segment and above portrayed a setback in sales by (-17% MoM) as Corolla and Yaris sales shrunk by (-39% MoM), in addition, the sales of Hyundai depicted a mammoth dip of (50% MoM), when added up.
On the contrary, we witnessed a major jump in 1,000cc segment sales by (+95% MoM), led by the rise in Swift and Wagon R sales which elevated by 137% MoM and 110% MoM respectively.
INDU: INDU sales dipped by 32%, as Corolla and Yaris sales went shrunk by 39% MoM to 1,780 units.
PSMC: PSMC sales augmented as it portrayed a increase (of 52% MoM) as consumer have switched towards more affordable cars.
HCAR: The dip in HCAR (by 29% MoM) as Civic and City sales went down (by 16%) .
Tractors: The positive momentum from last month remained short-lived, registering a decline of 41% MoM to 2,349 in Sep’22. MTL remained major contributor to the decline as its sales went down by (-67% MoM).
Courtesy- AHL Research