Car Sales at 27k units in May-22, up 2pc MoM

Karachi, June 14, 2022: Pakistan car sales (including sales of Non-PAMA members) clocked in at ~27k units, which is almost flat MoM in May-2022 amid 1) higher car prices, and 2) Eid holidays at the start of month. The same is up by 46% YoY.

The economic slowdown may expect due to an increase in interest rates and further tightening of financing requirements by SBP will significantly impact car sales moving ahead. 

Hyundai Nishat posted strong numbers registering an increase of 33% MoM led by increase in sales of Elantra (+148% MoM) and Sonata (+37% MoM).

Honda Atlas Car (HCAR) recorded second highest increase of 11% MoM to 2,910 units in May-2022 led by increase in sales of City & Civic by 18% MoM. Similarly, Indus Motors (INDU) also posted increase of 2% MoM due to increase in sales of Corolla & Yaris by 4% MoM.

Pak Suzuki (PSMC) was the only player which reported decline of 3% MoM to 12,212 units in May-2022. All variant of company reported decline on MoM basis except for Wagon-R and Alto where sales were up by 24% MoM and 9% MoM respectively.

In 11MFY22, Pakistan auto sales is up 50% led by macro recovery.

Amongst Tractors, Millat Tractors (MTL) recorded increase of 12% MoM while Al Ghazi Tractors (AGTL) recorded decline of 8% MoM.

Pakistan bike sales were down by 2% MoM while remained flat on YoY in May-2022. This takes 11MFY22 bike sales to 1.7mn units, down 4% YoY.

Trucks & Buses sales were up 3% MoM and 23% YoY in May-2022. This takes 11MFY22 sales to 5,909 units, up 50% YoY led by increased transportation activity.

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