Car sales increase by 20pc

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KARACHI: The sales of locally assembled vehicles have increased by 20 percent in June 2018 Year on Year (YoY) to 18,518 units.
According to statistics issued by Pakistan Automotive Manufacturer Assemblers (PAMA) the offtake numbers for July 2018 posted healthy growth of 20 percent.
However, off-takes declined by 15 percent Month on Month (MoM) owing to i) recent price hikes by OEM’s, and ii) gradually increasing auto-financing rates.
The YoY performance (+3,056 units) is largely driven by i) INDU’s sales jumping on the back of its paint shop de-bottlenecking (+949 units YoY), and ii) PSMC’s sales mounting by 15 percent YoY (+1,345 units).
During June 2018, PSMC volumes showed a modest 15 percent YoY growth coupled with INDU displaying a handsome 26 percent YoY rise in output.
While, HCAR depicted a 27 percent YoY increase in volumes. Further, growth was also witnessed in LCV off-take, as they increased by 11 percent YoY in June 2018 to 2,866 units against 2,592 units in June 2017 amid i) a 68 percent YoY uptick in Hilux sales (+237 units YoY), and ii) 73 percent YoY (+175 units YoY) increase in Fortuner off-take.
Tractor sales depicted a sharp fall of 12 percent YoY (-551 units YoY) as customers bulked up purchases right after the budget announcement fearing an imposition of a law barring non-filers from tractor purchases (pushing up May’18 tractor volumes), and also as the Kharif season approaches its end.