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Car sales grow for the first time in 12 years in December 2018

Pakistan’s vehicle sales recorded increase month-on-month in December 2018 for the primary time inside the remaining 12 years, in line with the Pakistan car producers’ affiliation (PAMA).

Automobile income rose by using 11% on a month-on-month basis. This is the first time since December 2005 that automobile sales grew in December on a month-on-month foundation, in keeping with the brand new information released by way of PAMA.

On a year-on-year basis, the sales inched upwards by 1% to 19,423 units in December 2018 as opposed to 17% year-on-year decline in November 2018. This brings the sales number for the first half of financial year 2019 to 120,066 units, down 3% compared to the corresponding period of previous year. This also marks the first time in five years where sales declined during the first half of a fiscal year.

Higher sales were led by 32% year-on-year and 13% year-on-year increase in Cultus and Ravi sales, respectively. This improvement is primarily due to higher sales of Pak Suzuki Motor Company, up 38% month-on-month.

Indus Motors (INDU) recorded a healthy yearly growth of 16% led by 84% and 10% increase in the sales of Hilux and Corolla. On the other hand, Fortuner sales plunged by 33%.

The fall in year-on-year sales for December 2018 was led by 50% lower BR-V sales and 19% lower sales of City and Civic variants on year-on-year basis. “Although we expect monthly sales to recover slightly in January, we continue to expect falling volumes year-on-year,’” said the Topline report.

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