Car sales jump 48pc in November YoY

The car sales as per the latest figures issued by Pakistan Automotive Manufacturers Association (PAMA), increased by 48 % Year-on-Year (YoY) in November 2020 to 14, 454 units.

Indus Motor Company (IMC), Honda Car (HCAR) and Pak Suzuki Motor Company (PSMC) registered sales increase of 87% YoY, 72% YoY and 16% YoY respectively. This is the first year increased in FY21 for PSMC as the production issues have been resolved.

Car sales increased by 3% Month on Month in November 2020. The increase was driven by PSMC increase of 12% MoM as Cultus sales grew by 86% MoM followed by Ravi sales improving by 255% MoM. Honda car sales were the same as last month Indus Motor volume declines by 10% MoM.

“We expect demand for cars to grow stronger owing to low-interest rates environment and pickup in economic activity,” said Topline Securities.

New entrants to Pakistan Auto space Hyundai Nishat sold 472 units witnessing a 63 % increase MoM in November 2020, while Lucky Motor sold around 1,500 units informed Topline.

Atlas Honda recorded motorbike sales of 108,005 units in November 2020 up 14% YoY in 5MFY21, sales have increased by 19% YoY.

Tractor sale in November 2020 are up 77% YoY while decreasing by 28% MoM.