Pakistan Autos_Sales sprint into the New Year, (AKD Daily, Feb 12, 2021)
AKD Daily
Pakistan Autos: Sales sprint into the New Year
- PAMA conveyed Jan’21 total automobile industry sales of 23,087 units (+31%MoM/+59%YoY), the highest in last 21 months, restoring demand comfortably to Pre-COVID levels. The upturn was led by Passenger Car sales (14,543 units, +29%MoM/+44%YoY), LCV/Pickup sales picking up to 2,972 units (+10%MoM/+65%YoY), while Truck sales remained muted at 290 units (-0.3%MoM/-26%YoY).
- The automotive industry realized 7MFY21 cumulative sales of 126,714 vehicles (+28%YoY) encompassing 81,570 Passenger Cars (+18%YoY), 15,900 LCVs & Pickups (+56%YoY), 1,940 Trucks (-8%YoY), 360 Buses (-15%YoY) and 26,945 Tractors (+54%YoY), reversing the trend of cumulative declines experienced during Covid-19.
- Segment wise sales showcase major uptick in premium vehicle segment of 1,300CC+ (6,944 units in Jan’21 +44%MoM/+27%YoY), while the 800CC- segment sales rallied as well (4,813 units +36%MoM/+104%YoY), with 1000CC+ segment sales sustaining (2,786 units -2%MoM/+23%YoY) for the month, moving segment wise composition of 1300CC+/1000CC/800CC cars to 48%/19%/33% for Jan’21 as against 43%/25%/32% in the preceding month.
- Amongst major OEMs, PSMC/INDU/HCAR reported Jan’21 sales of 9,013/5,452/2,450 units ascending 19%/36%/39%MoM and 62%/36%/11%%YoY, taking the monthly PC+LCV sales to 17,515 units (+26%MoM/+47%YoY), demonstrating healthy recovery in demand of automobiles, where new model launches, concessionary loan schemes (particularly for PSMC), and improved farmer economics are likely to have played a strong role.
- We maintain our favorable stance on INDU with firm profitability in the backdrop of steady PKR dynamics, controlled inflation, low interest rates and ‘return-to-normal’ demand recovery post COVID-19, underpinned by the launch of vaccination drive at home. To note, the industry is now exhibiting signs of broad-based recovery, despite underreporting sales in absence of Kia numbers.
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Pak Suzuki Motor is engaged in assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, and 4X4 vehicles. Co.'s product models include Baleno, Margalla, Mehran, Kyber, Ravi Pickup, Bolan Van and Potohar Jeep.
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