Sales of Car Assemblers Down by 3% in December 2023
Sales of car assemblers decreased by 3% MoM to 5,320 units in December 2023, while YoY sales dropped by 67%.
This decrease occurred despite high production and the start of the election season.
First Half of Fiscal Year 2024 (1HFY24) Sales Analysis
Auto sales in 1HFY24 declined by 49% YoY to 39,400 units, attributed to weak demand and high prices, despite auto assemblers’ sales strategies.PSM faces theft cases worth Rs 18m
Company-Specific Sales Data
| Company | MoM Change | 1HFY24 Sales | YoY Change 1HFY24 |
|---|---|---|---|
| Pak Suzuki | +7% | 25,732 units | -47% |
| Honda Atlas | -11% | 901 units | – |
| Indus Motors | -28% | 684 units | – |
CKD Imports and Production
CKD imports in the auto industry increased 2.6x MoM to $88 million in Nov’23. Total production increased by 56% MoM to 6,654 units, indicating the impact of eased import restrictions.
Future Outlook
According to Sherman Research, auto sales are expected to recover due to stable currency and eased import restrictions in 2HFY24. An increase in CKD imports in Dec’23 suggests higher future production and demand.
Key Data
| Data Type | Current Value | Avg. 3m | Avg. 6m | Avg. 12m |
|---|---|---|---|---|
| Market Cap (Rs bn) | 443 | 358 | 305 | 266 |
| Turnover (mn shares) | 12.6 | 10.4 | 9.0 | 5.9 |
| Traded Value (Rs bn) | 2.4 | 1.5 | 0.9 | 0.5 |
Car Sales by Local Assemblers (Units)
| Period | PSMC | INDU | HCAR | Total |
|---|---|---|---|---|
| Dec’23 | 3,735 (-67%, +7%) | 684 (-76%, -28%) | 901 (-57%, -11%) | 5,320 (-67%, -3%) |
| 2QFY24 | 11,051 (-65%, +1%) | 2,687 (-72%, -40%) | 2,375 (-57%, -5%) | 16,113 (-65%, -10%) |
| 1HFY23 vs 1HFY24 | 48,371 vs 25,732 (-47%) | 18,307 vs 7,882 (-57%) | 11,103 vs 5,786 (-48%) | 77,781 vs 39,400 (-49%) |
