The auto sales numbers increased to 5.3K units during May’23 (+19% YoY)

In May 2023, automobile sales in Pakistan witnessed an MoM recovery of 19%, albeit with a YoY decline of 77%, totaling 5.3K units. The monthly volumetric sales rebound was primarily driven by improved sales of PSMC, which experienced a 101% increase. However, a YoY dip can be attributed to the adverse impact of rising inflation, affecting consumer affordability. Additionally, unplanned plant shutdowns caused by SBP’s import restrictions continue to hurt the overall production and supply of the automobile sector. Notably, HCAR’s production plant was shut down for half of May. Furthermore, we anticipate that automobile sales will remain under pressure throughout the calendar year.

1,300cc segment and above posted a decline of 9% YoY. Given the sales of Civic and City went down by 65% MoM.

Conversely, 1,000cc segment sales witnessed a surge in volumetric sales, led by a jump in the sales of Swift, whose sales went up by 129% YoY.

Sales in the below 1000cc segment increased by 109% MoM, recording 2,059 units.

INDU: INDU showed a decline in volumetric sales, selling 1,718 units in May 2023, down by 12% YoY compared to the last month. The sales of Fortuner and Hilux also portrayed a dip of 8% YoY to 865 units.

PSMC: PSMC, in absolute terms, contributed most to the jump in auto sales, portraying a massive jump of 101% MoM, with the sale of 1,902 units of Alto in May 2023 against the sale of 820 units in April 2023, up by 132% MoM.

HCAR: HCAR experienced a significant decline in sales, with an MoM decrease of 58%. Particularly, City/Civic sales were notably low, reaching a mere 56 units.

Tractors: Tractor sales portrayed a jump of 9% MoM in May 2023, with MTL sales surging by 25% MoM, while AGTL sales remained flat, down by -0.1% MoM.

Courtesy – AHL Research

 

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