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Auto sales up 52% in Jan 2013 on seasonal upswing

13 February, 2013

KARACHI: The local automobile manufacturers showed rebound in sales by 53 percent in January on monthly basis on the seasonal demand pickup, according to Pakistan Automotive Manufacturers Association (PAMA) data for January 2013 released on Tuesday.

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KARACHI: The local automobile manufacturers showed rebound in sales by 53 percent in January on monthly basis on the seasonal demand pickup, according to Pakistan Automotive Manufacturers Association (PAMA) data for January 2013 released on Tuesday.

The recovery in demand was largely expected, as customers delayed their purchases until January for New Year's registration, said JS Research analyst.

The January 2013 sales took industry volume growth to -27 percent on yearly basis in seven months of fiscal year 2013 as higher imports and absence of Yellow Cab scheme were the recurring theme during the period, according to the analyst. He expected a much favourable second half of FY13, he lowered FY13 sales target by 7.0 percent to 146,000 units.

Moreover, Indus Motors witnessed 127 percent and Pakistan Suzuki Motor Company (PSMC) witnessed 17 percent monthly sales increase in January 2013 while Honda Car 157 percent, Industry Cars 66 percent, Industry LCVs 13 percent and Industry Cars/LCVs 52 percent growth witnessed in month of January 2013 as monthly increase, according to data released by PAMA.

The sales growth also attributed to favourable outlook for the sector as cut in age limit on imported cars to three years from five years and Japanese yen weakness against rupee 14 percent since Sept 2012, showing positive profitability for local companies.

Auto analysts forecast that annual auto sales will settle between 146,000 units and 157,000 units mainly on the sales growth likely to be continued in the second half of the current financial year.

First month of the calendar year 2013 sales took industry volumes to 70,400 units in 7MFY13 compared to 96,900 units in 7MFY12 down 27 percent on yearly basis, where Indus and PSMC sales were down by 38 percent and 31 percent on yearly basis, respectively.

However, vis-à-vis January 2012 the same is down 14 percent on yearly basis as PSMC -31 percent on account of inventory build up of imported cars ahead of cut in their allowable age limit effective December 15 and absence of Yellow Cab scheme if excluded from last year's sales, January 2013 volumes down by only 4 percent. staff report

Monthly car sales :

Indus Motors

127 percent

PSMC

17 percent

Honda

157 percent

End.


 
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