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Car sales fell by 50% in July how prices go north

KARACHI: Passenger car sales fell 50 percent in July compared to the same month last year mainly due to extravagance auto prices, high interest rates and declining affordability, the data showed on Friday.

Sales of all vehicles including cars, trucks, jeeps, pick cars, tractors and two-wheelers as well as three-wheelers fell during this period.

Data released by the Pakistan Automobile Manufacturers Association (PAMA) showed that sales of passenger cars decreased to 10,377 units. in July 22 out of 20,669 in the same month last year.

This was stated by Topline Securities auto analysts. car sales, including of non-PAMA watches in about 14,000 units, down 59 percent month-onmonth, primarily because of production issues, higher car prices, low purchases power of consumers and fewer business days due to Eid al-Adha holidays. Year-on-year sales fell 52 percent, Topline analysts added.

Within a month under reviewsales of 1300 cc and above card were fixed at the level of 4463 units, down 39 percent compared to 7,265 units sold in same period last year.

It included 2408 units. of Honda Civic and City, 321 built of Suzuki Swift and 1734 pcs. of Toyota Corolla and Toyota Yaris. There were no reports of any sales of Hyundai Elantra and Sonata while results for BAIC D20 are waiting.

During this period, only 943 units. of 1000 cc cars were sold, including 661 units. of Suzuki Cultus and 282 pcs. of Suzuki Wagon R.

Sales of below Cars of category 1000 cc reached 4971 units, including 353 units. of Suzuki Bolan and 4618 units of Suzuki Alto.

Sales of buses and trucks saw decrease up to 379 units in July 2022 from 601 in July 2021.

Sales of jeeps and pickup sales fell to 1,506 units from 4,250 units sold in the same period. last year of tractors decreased to 2254 units from 4332 units. in July last year.

Sales of the number of rickshaws and motorcycles dropped to 96,162 in July 2022. against 145 197 in same period last year.

Analyst Vasil Zaman of JS Research said that drop was already expected because of escalation car prices, rising interest rates and adverse regulatory action. “Month-on-month drop exacerbated by the aggressive pre-buying witnessed in June 2022,” he said. Auto demand Most likely remain under pressure during FY 2023 (expected to drop 25 percent year on year), and the fields for auto collectors are expected remain stable in nearest term supported by aggressive price hiking announced recently.”

Zaman added what a sequel cost pressure can, however, test pricing power and compress fields while on flip side stablecoin and decline in raw material prices could provide assemblers with the ability to report higher margins while maintaining breathing space on expenses.

Manufacturers data showed that Indus Motor Company posted 62 percent decline in month of saleson-month up to 2,375 units, mainly due to non-production days in month of July.

Pak Suzuki Motor Company sales down 58 percent in July, and the monthon- sales month of all of his options fell in in range of 57-95 percent Besides for Alto, whose sales jumped to 4618 units from 1216 units. in June 2022

Honda Atlas Cars also recorded a monthon-month drop of 35 percent up to 2,537 units in July 2022 as sales of Civic and City models decreased 30 percent month-on-month.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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