Car Sales in August 2022 down 2% MoM

Pakistan car sales (including sales of Non-PAMA members) clocked in at 14000 units down 2% MoM primarily due to unavailability of CKD parts which led to non production days by auto manufactures.

To highlight, in order to save foreign exchange reserve, automakers were allowed to import only 50% of their average imports over the last 4 months in Jul-2022.

The quota has increased to 60% for Aug-2022 and 70% for Sep-2022. 

Auto sales are also down by 46% YoY amid escalating car prices, expensive auto financing, and low purchasing power of consumers.

This takes 2MFY23 car sales to 23,498 units down 50% YoY from 46,656 units in 2MFY22. 

PSMC sales was down 41% MoM to 3,954 units in Aug-2022 due to plant closure amid unavailability of CKD parts.

Honda Atlas Car (HCAR) also recorded decline of 29% MoM to 1,809 units in Aug-2022 led by decline in sales of City & Civic by 40% MoM.

Indus Motors (INDU) posted increase of 63% MoM to 3,876 units in Aug-2022 from 2,375 units in Jul-2022. Interestingly, Hyundai sales increased to 1,929 units in Aug 2022 as compared to 201 units in Jul-2022 led by up tick in Tuscon sales primarily due to  low base. 

Amongst Tractors, Millat Tractors (MTL) recorded increase of 153% MoM and 27% YoY to 2,556 units. Al Ghazi Tractors (AGTL) recorded sales of 1,420 units, up 14% MoM and 9% YoY.

Pakistan bike sales were up by 5% MoM while down 32% YoY in Aug-2022. Atlas Honda (ATLH) recorded sales of 85K units up 6% MoM while down 15% YoY. 

Trucks & Buses sales were up 24% MoM while down 43% YoY to 341 units in Aug-2022 primarily due to drop in transportation activities amid floods and slow down in overall economy.