According to the Pakistan Automotive Manufacturers Association (PAMA) As a result of low auto financing cost and easy availability last year, the locally assembled vehicles increased by 12% to come to 257,752 car in 2015-16 while the interest rates have gone low with the inflation due to which the number of people purchasing their cars through easy finance has increased too.
The increase was seen in cars and heavy commercial vehicles (HCV) as Taurus Securities on Wednesday saw car increase by 21% through 216,568 cars mostly dominated by Pak Suzuki whose individual sales increased by 28% to 126,674 units. Ravi and Bolan increased by 27% and 31% due to the Apna Rozgar Taxi Scheme by the Punjab Government while the Indus Motors and Honda Motors reached a sales increase by 12% (63,977 units) and 9% (25,726) during the year.
The HCV sales increased by 40% (6,566 units) while tractors came down by 26% (34,618 units) for the year due to seasonal down cycle, low farmer income and such other factors.
Close auto sales are being expected despite Rozgar Scheme completion but higher levels are expected due to Honda Civic’ anticipated launch besides the CPEC related development projects that would give rise to heavy vehicle sales and Millat tractor export initiative as well.