90% More Cars Sold In Fiscal Year-21 Than FY20
The Pakistan Automotive Manufacturers Association (PAMA) has posted the monthly car sales report for June 2021, and we now have the total sales for the Fiscal Year 2020-21. According to a report by Topline Securities, a total of 238,000 cars were sold in FY21, 90% more than 181,000 units sold in FY20. The number is a sum of car sales by PAMA and non-PAMA members as well as imports.
If we only take the sales of companies registered with PAMA, the total sales figure for FY21 drops to 181,000 units, which is 62% higher than FY20. Topline Research analyst Umair Naseer has predicted that car sales would hit the 300,000 units mark in FY22 because of the reduced car prices.
Pak Suzuki Motors sales jumped from 65,815 in FY20 units to 88,032 units in FY21. (Growth Factor 34%).
Toyota Indus Motors doubled its sales to 57,236 units in FY21 from 28,378 units in FY20 (Growth Factor 102%).
Honda Atlas car sales rose from 16,390 units in FY20 to 29,291 cars in FY21. (Growth Factor 79%).
Month-on-Month (MoM) Car Sales Dropped By 12%
While the year-on-year sales enjoyed a boost, the month-on-month sales had depressing numbers thrice in a row. After the rough sales of April and May, car sales dropped in June 2021. According to the data, the auto industry sold 13,750 vehicles in June, a MoM decrease of 12% compared to May.
Company-wise breakdown shows 39% sales decline for Pak Suzuki, 3% decline for Toyota Indus, 5% decline for Hyundai Nishat, and an impressive growth of 65% for Honda Atlas.
Here is the MoM sales analysis of some of the popular vehicles of PAMA registered companies in Pakistan.
With the new auto policy in action, let’s see if auto manufacturers are able to score better sales in July. Consumers are likely to buy more cars at reduced prices, and we are expecting car sales to go bigger in the FY22.