Locally assembled cars experienced a thirty percent increase YoY just during the nine months till March 2016. The number reached 137,206 pieces due to auto financing increase along with favorable conditions.
Under the Punjab Rozgar scheme about 25,348 Suzuki Bolan were sold as this was an 82 pc increase compared to 13,932 last year.
According to Pakistan Automotive Manufacturers Association (PAMA), Cultus sales increased 12 pc from 10,502 to 11,747 while Suzuki Mehran raised 27 pc from 22,269 to 28,367 pieces on Monday. Wagon R sales also reached 6,857 units from 3,337 units due to a 105 percent increase.
In comparison to Suzuki Swifts 2,589 units last year, this year 2,996 units were sold while Honda Civic and Honda City together grew by 13 pc from 16,405 units to 18,542 units. Toyota Corolla gave 43,344 units compared to last year’s 36,238 units.
On the other hand, the Toyota Fortuner came down to 428 pieces from 557 pieces as Sigma Defender also dropped down from 376 pieces to just 173 pieces.
However, due to the Punjab Rozgar Scheme, sales of Suzuki Ravi were almost doubled from 13,999 to 25,348 units while Toyota Hilux also had a little increase to 3,732 units in comparison to 3,346 last year.
Topline Securities’ Mohammad Tahir Saeed has been working for increasing car sales so that auto financing would increase because of 42 year low interest rates, Punjab taxi scheme and also becase of the improved law and order situation in the country.
However he still says that they lag since the delivery of any variant of Corolla varies from two to four months still. When it comes to Honda Civic and Honda City, City has been the star contributor though Civic production is supposed to lessen due to the new model being launched very soon this year.
Talking about tractors, Fiat and Massey Ferguson came down from 12,580 and 19,970 units to 7,947 and 13,534 units respectively as compared to the last year. On the contrary when comparing on a monthly basis, the sales have increased from 1,135 and 1,806 to 1,808 and 2,550 units in March respectively. Orient IMT tractor sales have also increased to 688 units from 631 units during the same July to March period from 2015 to 2016.
A subsidy was going to be announced for the Punjab and Sindh schemes in the year’s budget but when all such hopes were shattered, farmers again began buying tractors.
Truck sales also increased to reach 3,751 pieces from 2,727 pieces and bus sales almost doubled from 398 to 700 pieces since the China-Pak Economic Corridor came in to view again.