KARACHI: The consumer car financing has witnessed a significant rise of Rs51 billion amid attractive interest rates during 7MFY21, according to Summit Capital.
It expected that the prevailing interest rate would keep this momentum intact going forward.
Meanwhile, the Topline stated that the car sales had increased by 35 percent YoY in February, 2021 to 16,436 units while the KIA, a non-member of PAMA, is up by 55 percent YoY.
Similarly, Pak Suzuki Motor Company (PSMC) has yet again successively taken the lead with a massive increase of 66 percent YoY. The rise is primarily driven by Alto and Ravi with sales of 4,245 (+162 percent YoY) and 1,268 (106 percent YoY) units in February, 2021, respectively. The Honda registered sales increase of 13 percent YoY, while the sales of Indus Motor Company (IMC) declined by 3 percent YoY. It further stated that new entrants Hyundai Nishat sold 651 units in the same month while Lucky Motor sold 2,500 units.
On the contrary, the passenger car sales have declined by 6 percent MoM in February, 2021 and the decrease in numbers has been on the back of decline in IMC sales (-20 percent MoM) largely due to seasonally high January sales and some supply-side disruptions, it added.
The Atlas Honda (ATLH) has recorded motorbike sales of 104,005 units in February, 2021, up 16 percent YoY. In 8MFY21, the sales have increased by 19 percent YoY. The tractor sales in the same month are also up by 42 percent YoY but down 15 percent MoM.
Millat Tractors (MTL) recorded an increase of 49 percent YoY (-22 percent MoM) while Al Ghazi Tractors (AGTL) sales increased by 30 percent YoY (+7 percent MoM), respectively.
Copyright Business Recorder, 2021