Car Sales up by 6%

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    Automobile (Pakistan News) car sales
    Automobile (Pakistan News)

    -As per the recently released numbers, locally manufactured car sales (including LCVs and Jeeps) stood at 61,252 units in 1HFY14 against 57,540 units, up  6%YoY.

    -The growth stemmed from 20% growth in HCAR volume while PSMC and INDU depicted a subdued growth of a mere 3%.

    -HCAR benefited from higher sales of its ‘City’ variant (up 26% YoY) while ‘Civic’ has also shown a respectable growth of 14%. The company’s market share expanded by 2pps to 16% in 1HFY14.

    -PSMC sales have grown by 3% during 1HFY14 to 35.4k units where higher growth of Ravi (21% YoY), Bolan (18% YoY) and Cultus (17% YoY) was diluted by sales contraction in Liana, Swift and Mehran.

    -INDU’s flagship ‘Corolla’ witness an increase of 4%YoY. Company’s other product Hilux has shown a subpar performance with sales declining by 6%.

    -We believe that the availability of cheaper, imported substitutes are adversely affecting the domestic volumes.

    -In Dec’13, car sales stood at 8,868 units, up 5% from as compared to the same month last year, -The continuous show of low numbers by the auto industry has attached a lower side bias to our sales forecast for FY14. However, major trigger for the sector resides in the new auto policy with talks amongst the various stakeholders underway.

    1HFY14: Local car sales

    5MFY14

    YoY

    Nov’13

    YoY

    MoM

    Industry

    61,252

    6%

    8,868

    5%

    -8%

    PSMC

    35,492

    3%

    5,981

    0%

    0%

    INDU

    15,181

    3%

    1,983

    26%

    -9%

    HCAR

    9,989

    20%

    655

    -24%

    -50%

    Source: PAMA,  Shajar Research

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