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Car sales see 30% decline YoY in Sept amid high prices, interest rates

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1 year ago

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  • PAMA says 6,410 cars sold in Sept 2023. 
  • In Sept 2022, 9,213 units were sold.
  • Sales rise 8% compared to August.

KARACHI: Car sales saw a 30% decline year-on-year in September amid high prices and interest rates, The News reported citing an industry data body.

The Pakistan Automotive Manufacturers Association (PAMA) said 6,410 cars were sold in September 2023 compared to the 9,213 sold in the same month last year. However, sales rose 8% in September compared to August due to the lifting of import restrictions.

For the first quarter of the fiscal year 2023/24, passenger car sales dropped 44% to 16,021 units, compared with 28,571 units in the same period last year.

Sales of 1,300cc and above cars declined by 38% to reach 2,939 units, last year sales of such cars was 4,715 units. However, it increased by 27% against 2,310 units in August.

In September, 691 units of 1,000cc were sold compared to 1,517 units sold during the same month last year. Below 1,000cc vehicles recorded a sale of 2,780 units, down 7% against 2,981 units of last year. This category of cars also recorded a month-on-month decline against 2,935 units in August.

At least 185 units of buses and trucks were sold in September 2023 compared to the 378 units sold in the same month last year. Sales increased on a month-on-month basis against 167 units in August.

On the other hand, the sale of jeeps and pick-ups declined to 1,902 units from 2,075 units sold during the same period last year. But like all other categories, it saw an increase on a month-on-month basis. Sales of tractors rose to 5,445 units from 2,149 units in September last year.

The sale of rickshaws and motorbikes increased to 107,084 units during September 23 against 99,581 units in the same period last year.

Topline Securities Analyst Sunny Kumar credited the monthly increase in car sales to the easing of import issues for completely knocked down (CKD) kits on which the car manufacturers rely for the assembly of cars.

“However, escalating car prices, expensive auto financing and the low purchasing power of consumers are among the primary reasons for the decline in year-on-year sales,” he added.

Among manufacturers, Honda Atlas Car (HCAR) recorded the highest increase of 99% month-on-month, as it sold 1,342 units in Sep-2023 but it was largely due to the low base the company had the previous month when it was only able to sell 674 units.

Pak Suzuki (PSMC) was the only one that recorded a decline of 1% month-on-month to 4,234 units in Sep-2023 led by 8% month-on-month decline in sales of Alto. Other variants including Ravi, Bolan and Cultus recorded an increase of 58% month-on-month, 38% month-on-month and 9% month-on-month, respectively. Swift and Wagon-R sales remain flat month-on-month at 506 and 359 units in Sep-2023.

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Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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3 days ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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3 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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