Pak Car Sales at 23.9k units down 5%
TOS:
ISLAMABAD: Pakistan car sales (including sales of Non-PAMA members) clocked in at 23.9k units, down 5% MoM in Nov 2021. As reported by PAMA, car sales are down 11% MoM to 18,714 units.
This is the second consecutive month where sales have witnessed an MoM decline. They are now down by 25% from their peak sales in Jul 2021. We attribute this to rising financing rates, stringent financing requirements by SBP and the year-end phenomenon where car sales generally slow down.
On YoY basis, car sales grew by 29% YoY in Nov 2021 on the back of the low base effect. In 5MFY22, car sales are up 65% YoY to 108,625 units.
Honda Car (HCAR) reported 13% MoM increase, mainly due to low base where the company sold only 7 units of BRV last month. Hyundai Nishat and Pak Suzuki Motors (PSMC) reported sales decline of 30% and 17%, respectively.
Along with the above mentioned factors, increasing competition from new players including KIA Motors, MG Motors and Changan are impacting the market share of listed auto assemblers.
Pakistan bike sales were down 7% MoM to 166,630 units in Nov 2021. Atlas Honda (ATLH) sales were up 3% MoM and 19% YoY.
Pakistan tractor sales were down 14% MoM while Trucks/Buses sales were up 10% MoM.
