A record number of cars are sold in November despite rising prices

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A record number of cars are sold in November despite rising prices
A record number of cars are sold in November despite rising prices

As a result of the availability of CKD parts, Pakistani car sales (including sales from Non-PAMA members) were up 35% MoM in November 2022.

According to Topline Securities, auto sales were down 2% YoY in November 2022, bringing 5MFY23 car sales to 66,458 units, a 39% decline from 108,635 units in the first five months of the fiscal year 2021-22, and this was due to an increase in car prices, expensive auto financing, and the low purchasing power of consumers.

A record number of cars are sold in November despite rising prices

In November 2022, Pakistan Suzuki (PSMC) reported an increase in sales of 55% MoM to 12,400 units. Honda Car (HCAR) reported an increase in sales of 38% MoM to 1,973 units during the same month. Due to the reasons mentioned above, there has been an increase in sales in the last few months.

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Indus Motors (INDU) posted a decline of 4% MoM to 3,242 units in November from 3,374 units in October 2022. Hyundai sales were down 9% MoM where Sonata was down 45% MoM and Elantra was down 25% MoM.

Amongst Tractors, Al-Ghazi Tractors (AGTL) recorded a decline of 65% MoM to 137 units followed by Millat Tractors’ (MTL) sales of 1,103 units, down 27% MoM in November 2022. This takes total tractor industry sales to 10,498 units in the first five months of the fiscal year 2022-23, down 52% Year-over-Year (YoY) due to floods, lower consumer buying power, and higher prices.

Bike sales were down 3% MoM and 34% YoY in November. Atlas Honda (ATLH) recorded sales of 92,000 units, down 3% MoM and 28% YoY.

Truck and Bus sales were up 5% MoM but down 36% YoY to 342 units in November 2022. This takes in the first five months of the fiscal year 2022-23 sales to 1,661 units in 5MFY23 down 39% YoY primarily due to a drop in transportation activity and a slowdown in the overall economy.

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