Pakistan has reported an 18% increase in car sales during the first half of fiscal year with 78,910 cars being sold in a period of around six months.
As per details, data reveals that consumer demand has reflected substantial resurgence which has further been boosted by low interest rates.
According to Pakistan Automotive Manufacturers Association statistics, automobile companies including Suzuki, Indus Motors (Toyota), Honda and Hyundai sold 97,019 units during the same six months in the previous fiscal tenure in 2020 last year.
Automobile demand is expected to rise during 2021 due to low interest rates and progressive economic developments, said Fawad Basir – an analyst for Topline Securities.
During these six months, passenger car sales witnessed a 12.6% increase with the sale of 11,247 units as compared to 9,987 cars being sold during the same period in 2019, whereas 11,914 cars were sold in November 2020.
December recorded a significant drop in car sales, primarily due to the fact that customers wait for the newer models to be introduced in the marked.
During December, cars with an engine displacement of 1300 cc and above reported a 49% increase in sales with 4,838 cars being sold in contrast to 3,246 sales during the same time period the previous year.
Suzuki’s WagonR and Cultus reported a 34.58% rise in sales for the month of December in contrast with 23% decline in the sale of its 800cc Alto.
