Hyundai Flaunting a New Milestone in Pakistan
Where the duo among distinguished BIG 3, Pakistan Suzuki Motor Company (PSMC) and Toyota Indus Motor Company (IMC) is bearing the brunt of the ongoing economic bust and not well-thought policies regarding the local car industry, Hyundai Pakistan comes with a big update.
Hyundai Nishat Motors Private Limited (HNMPL), the new entrant in the local car industry, is listing its name among the prominent carmakers of the country. As per recent development, the company celebrated the local production of 25000 vehicles.
Meanwhile, the company recognizes the substantial support of investors, partners, and consumers who welcomed the Hyundai cars in the country. It is related to mention that Tucson’s thumping popularity helped the automaker to celebrate the milestone.
As per the PAMA report, Hyundai’s sales observed a massive jump in September. The company reported a month-on-month increase of a whooping 860% in sales. Here, the credit goes to a huge mount in Tucson’s sales. The company sold almost 1000 units of SUVs in a month.
Furthermore, where the other automakers were facing the menace of low sales in the face of late deliveries, HNMPL came with a different stratagem, reducing its delivery time to less than a month.
Toyota Pakistan Profit Dropped By Massive 76%
Reports have disclosed that Toyota Pakistan has reported a profit of Rs. 1.297 billion for the first quarter of the fiscal year 2022-23, recently concluded on September 30, compared to the profit of Rs. 5.42 billion earned in the corresponding period of last year. Meaning, the company witnessed a big loss – profit declined by 76%.
Moreover, company net sales also faced shattered trends – decreased by 43% – clocked in at Rs. 37.24 billion – against Rs. 65.5 billion. Coming to year-on-year sales charts, the company reported a slump of 51%. Also, Toyota IMC announced an interim cash dividend of Rs. 8.2 per share.
Reports revealed that along with increasing car prices, a jump in compensation in advance from customers hit the company hard during tough times. However, other income of the company marked a considerable growth of 152% – clocked in at Rs. 5.16 billion compared to Rs. 2.04 billion in the same of last year.