Honda Atlas Car (HCAR) increased car sales by 99 percent month on month (MoM), reaching 1,342 units in September 2023, owing primarily to a low base of 674 units sold the previous month.
Honda’s Overall Car Sales
According to Topline Securities, overall car sales in Pakistan (as reported by PAMA) were 8,312 units, up 10% month on month (MoM) but down 26% year on year (YoY).
Car sales, including non-PAMA members, totaled 10,000, up 9% month on month and down 23% year on year.
The improvement in CKD import issues has resulted in a MoM increase in car sales.
However, rising car prices, high auto financing costs, and consumers’ low purchasing power are among the primary reasons for the YoY sales decline.
Deputy Head of Research at JS Global Waqas Ghani told,
“Despite signs of supply-side recovery, the path to normalcy for the sector remains uncertain as demand-related challenges are expected to restrain sales volumes in the near term.
Having said that, any downward price revisions by auto players post the recent recovery in PKR against US$ may be a near-term trigger for the sector”.
20,983 units in 1QFY24
Car sales were 20,983 units in 1QFY24, down 40% year on year from 35,002 units in 1QFY23.
Pak Suzuki (PSMC) was the only one to report a 1% MoM decline to 4,234 units in September 2023, led by an 8% MoM decline in Alto sales.
Pak Suzuki Other Models
Other variants, such as Ravi, Bolan, and Cultus, saw increases of 58% MoM, 38% MoM, and 9% MoM, respectively. Swift and Wagon-R sales remain flat year on year in September-2023, at 506 and 359 units, respectively.
Hyundai sales are up 5% year on year, while Porter sales are up 48% year on year to 177 units in September 2023.
Meanwhile, Indus Motors (INDU) sales are up 3% year on year, driven by a 27% increase in Fortuner and Hilux sales.
Tractor Industry Sales
In September 2023, Al-Ghazi Tractors (AGTL) and Millat Tractors (MTL) saw 50 percent and 29 percent MoM growth, respectively.
This brings total tractor industry sales in 1QFY24 to 12,090 units, up 64 percent year on year due to a low base last year due to flooding.
Truck and bus sales were up 11% MoM but down 51% YoY to 185 units in September 2023, bringing total industry sales to 547 units, down 45 percent YoY.
In September 2023, Pakistan bike sales were up 21% month on month and 8% year on year. Atlas Honda (ATLH) sold 95,056 units, up 27 percent month over month and 12 percent year over year.
This brings total industry sales to 268,990 units in 1QFY24, down 10% year on year due to higher bike prices and lower consumer purchasing power.
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