The Pakistan Automotive Manufacturing Association (PAMA) has released auto production and sales figures for August 14.
According to the association, the total sales of car, LCV and pickup remained lacklustre and posted a decline of 11 per cent YoY to 19,206 units in 2MFY15 compared to 21,675 units in the same period last year.
The major drop was seen in the sales of cars segment, as sales step down by massive 13 per cent YoY to 16,466 units in 2MFY15 as compared to 18,880 units in 2MFY14. Similarly, LCV and pickup segment sales have gone down by minute 2 per cent YoY to 2,740 units.
“Due to the holy month of Ramadan and phasing out of Indus old Corolla model with new sales volume during Jul-14 was at lower side,” said Shajar analyst Abdul Azeem.
However, on monthly basis, the total sales of auto sector registered a massive growth of 76 per cent whereas the sales of car and LCVs up by 79 per cent MoM and 64 per cent MoM, respectively.
Analyst said the rising trend in sales was supported by re-start of economic activities and launch of new Indus Corolla model as this model holds 25 per cent share in total car sales.
During 2MFY15 all three major car assemblers posted a negative YoY growth in their sales, HCAR sales volume down by 23 per cent YoY whereas Civic and City sales fall by 31 per cent YoY to 1,218 units and 18 per cent YoY to 1,921 units respectively.
Likewise, Indus sales reduced by 11 per cent to 5,171 units and PSMC sales by 7.3 per cent YoY to 10,827 units.
Giving his outlook, Azeem said the ongoing flood situation in the country was expected to hurt the auto sales during the months of September and October due to damaged farmers’ income. However, he said, from Nov-Oct-14 onward a massive recovery would be seen in the sales volume of autos.
Apart from this, auto sector was expected to grow massively during FY15 on the back of introduction of new corolla models, ban of more than 3-year old used cars, growing economic activities and low interest rates environment, the analyst said.
