KARACHI: With the sales of 4,473 units, the auto market has witnessed a decline of 75 percent YoY in May-2020.
According to Topline, the decline in sales is mainly due to the closure of business operations of all major car assemblers, which resulted in no invoicing of cars for majority of the month.
The highest decline was recorded by Honda Car (HCAR) as its units sales were down by 89 percent YoY in May-2020, followed by Indus Motors (INDU) and Pak Suzuki (PSMC) with declines of 88 percent YoY and 64 percent YoY, respectively.
In 11MFY20, the car sales have declined by 54 percent YoY. HCAR sales are down by 65 percent YoY, followed by INDU and PSMC with declines of 57 percent YoY and 49 percent YoY, respectively.
Meanwhile, Atlas Honda (ATLH) recorded motorbike sales of 12,106 units, down by 88 percent YoY. In 11MFY20, ATLH sales are down by 24 percent YoY. The tractor sales are also down by 49 percent YoY. Al Ghazi Tractors (AGTL) reported a decline of 89 percent YoY, while Millat Tractors (MTL) sales have declined by 26 percent YoY (+70 percent MoM).
The Topline said that official notification pertaining to announced subsidy of Rs2.5bn on GST for tractors remains pending, which has created uncertainty amongst the buyers.
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