ISLAMABAD: Pakistan's auto industry is enjoying a boom as all leading automobile brands such as Suzuki, Toyota and Honda have reported high profits.
According to Khaleej Times, Pakistani automobile buyers are enjoying higher purchasing power as the biggest car producer Suzuki Motors shot down the industry's production record growth of 31 per cent by upping its own output by 54 per cent in 2015.
The sale of cars manufactured and assembled in Pakistan climbed to 179,953 units in 2015 from 136,888 units in 2014, Khaleej Times qouting the sources of the Ministry of Industries.
"The latest growth in the automobile sector confirms a rising per capita income in Pakistan, improved economics of the auto sector and overall recovery of the economy," said Tahir Saeed, a financial market researcher.
There is big scope of more investment inflows to expand production capacity as competition among car manufacturers increases.
Auto industry is doing so well at this time in the country. "The auto industry must now focus on enlarging output of its cars and export more units to countries in its neighbourhood. It should also tap new markets in Central Asia," Minister for Commerce Khurram Dastgir said.
Suzuki has unveiled its operational and financial results for 2015. The company is jointly owned by Pakistan Automobile Corporation (Paco) and Suzuki Motor Corporation of Japan (SMC). SMC owns 73 per cent of the joint venture.
According to the report, Paco said: "In January to September 2015, Suzuki tripled its pre-tax profit to Rs6.33 billion as compared to Rs2.18 billion in the like period of the previous year."
Toyota cars assembled by Indus Motors is moving up the ladder fast. Its report said: "Toyota sold 57,000 car in 2015 - a record in the company's history. We have exceeded production capacity which is usually 54,800 units a year."
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