KARACHI: The sales of passenger cars have increased by 16 percent YoY in August, 2020 to 11,678 units. According to a Topline, the Indus Motor Company (IMC) and Honda Car (HCAR) have registered the sales increase by 52% YoY and 72% YoY, respectively. However, Pak Suzuki Motor Company (PSMC) sales have declined by 9% YoY. The Kia Lucky Motors (non-member of PAMA) continued to perform well and is also planning to shift its production to double shift from Jan-2021 to meet high customer demand.
It said that KIA sold around 1500 units for Aug-2020. Another new entrant Hyundai Nishat launched Tucson in the SUV category during the outgoing month and successfully sold 22 units along with 88 units of Porter H-100 (a commercial pickup).
Moreover, the car sales increased by 1% MoM in August 2020, in which major increase was reported by PSMC with 20%, however IMC and HCAR reported decline by 18% MoM and 8% MoM, respectively. Atlas Honda (ATLH) recorded 85,000 units of motorbike sales in August, 2020 up by 6% YoY. However, the sales declined by 10% MoM.
The tractor sales in August 2020 are up 12% YoY, while down by 21% MoM. Millat Tractors (MTL) has recorded an 80% YoY increase while Al Ghazi Tractors (AGTL) sales declined by 51% YoY, respectively.
It said that the demand for cars to grow stronger as lower interest rates for auto financing along with pickup in economic activity amidst declining cases of Covid-19 has revived demand for new cars.
Copyright Business Recorder, 2020
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