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Car sales breaking records, jump up by 55pc in FY22

KARACHI: Despite surging prices, high interest rate and fuel prices, auto sales jumped up by 55 percent during fiscal year 2021-22, but growth is expected to slow down as financing costs rise and parts suppliers struggle to satisfy demand. Car sales increased 103.5 percent year on year in June 2022.

According to figures released by the Pakistan Automotive Manufacturers Association (PAMA), the second highest sales in terms of volume were recorded in combined sales of 56,526 units of Toyota Yaris and Corolla as compared to 46,650 units.

Based on the old advance booking orders in hand made a few months back and whose deliveries are being made, total passenger car sales posted a fabulous growth of 55 per cent to 234,180 units in FY22 from 151,182 units in FY21. Suzuki Alto 660cc emerged as the highest selling car with 71,198 units as compared to 37,720 units in FY21, up by 89pc.

Honda Civic and City finished third, thanks to a 39pc increase in sales to 35,197 units, up from 25,276 units in FY21.

Suzuki Cultus and WagonR sales increased by 32pc and 83pc, respectively, to 23,169 and 23,131 units, compared to 17,510 and 12,659 units. Bolan sales increased by 51pc to 12,361 units from 8,196 units. Suzuki Swift sales soared to 6,190 units from 2,316 units after the launch of a new model in April 2022.

Hyundai Elantra and Sonata sales have clocked in at 3,610 and 2,782 units.

The month of June 2022 also proved satisfactory with car sales of 23,547 units as compared to 19,395 units in May 2022.

Among jeeps and pick-ups, Toyota vehicle sales increased to 18,005 units in FY21 from 10,586 units in FY21, while Honda BR-V sales increased by 6pc to 4,255 units from 4,015.

With a 48pc jump, Suzuki Ravi sales stood at 14,230 units as compared to 9,631 units. Hyundai Tucson and Porter sales increased by 31pc and 55pc, respectively, to 4,895 and 1,845 units, up from 3,748 and 1,187 units. Sales of Isuzu D-MAX increased by 50pc to 473 units from 316.

In farm machinery, Fiat sold 58pc more tractors in FY22 than in FY21, totaling 23,942 units, while Massey Ferguson sales fell 1pc to 35,005 from 35,527 units.

PAMA truck members’ sales increased by 57pc to 5,802 units from 3,695 units, indicating improved local and foreign trade and business activities, including import and export goods movement. Bus sales increased by 6.7pc to 696 units, from 652.

Overall two- and three-wheeler sales fell 4.3pc to 1.821 million units, down from 1.903m units. The assemblers of Honda, Suzuki, and Yamaha sold 1.360 million, 37,846, and 23,289 units, respectively, up from 1.292 million, 24,851, and 19,924 units, a 5pc, 52pc, and 17pc increase despite persistent jump in prices by the assemblers to cash soaring demand.

In contrast, low-priced Chinese assembled bikes like Ravi, Road Prince, and United Auto Motorcycle sales plummeted by 40pc, 36pc, and 28pc in FY22 to 3,563, 89,900, and 265,677 units from 5,941, 141,230, and 368,643 units in FY21.

Topline Securities analyst Sunny Kumar said car sales (including sales of non-PAMA members) clocked in at 33,000 units up by 24% month-on-month primarily due to the resolution of production issues and higher working days as compared to May 2022.

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