Pakistan Auto_ Auto sales_The slump continues, (AKD Daily, Sep 14, 2022)
AKD Daily
Pakistan Auto: Auto sales: The slump continues
- Total industry sales in Aug’22 clocked in at 15,962 units (-38%YoY/+11%MoM), consisting of 8,980 passenger cars (-50%YoY/-13%MoM), 2,665 LCVs (-31%YoY/+81%MoM), and 295 trucks (-47%YoY/+26%MoM). The increase in sales on MoM basis is due to the low-base effect from July, while on the flipside, production woes persist as are evident by the YoY declines, with passenger car production down by 45%YoY. Passenger car sales have hit 4 digits for the first time since Aug’20, further shining light on the crisis the industry is going through.
- Segment-wise, the 1000cc segment emerged as the least favorite category, posting a drop of 83%YoY followed by the 800cc and below segment, declining 59%YoY and the 1300cc and above segment witnessing decline of 22%YoY. Volumes witnessed similar declines on a MoM basis with the 1,000cc and 800cc segments declining by 18%/49%MoM, while the 1,300cc+ segment posted an increase of 27%MoM.
- Amongst major OEMs, PSMC/INDU/HCAR posted sales of 3,954/3,876/1,809 units, declining by 67%/31%/44%YoY. On MoM basis, INDU posted a gain of 63%MoM owing to the low-base effect from July. PSMC/HCAR have posted declines of 41%/29%MoM for Aug’22.
- One caveat to note is, sales of the Corolla & Yaris vehicles for the month (2,901) are higher than the production number (2,216), as the company draws down into previous month’s inventories. On the other hand, production for the Wagon-R, Cultus, Bolan and Ravi have remained noticeably higher than sales in the last two months, while Alto has been dispatched in accordance with production.
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