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Site update: March 22 2019, at 16:30 PKST
Stock update: March 21 2019.

Recent Financial News in the 'auto-assembler' category

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Wednesday, March 20 2019

Devise policies to promote auto sector, says Senate body
KARACHI: The government should devise policies for growth of the auto sector including formulation of standards for car parts, Senate Standing Committee on Industries said on Tuesday. During a visit to Toyota Motors plant, the committee observed that government functionaries need to facilitate the private sector while ensuring strict implementation of standards. Committee Chairman Senator Ahmed Khan criticised policy makers and stressed that they must devise strategies according to ground realities. “If we hurt the local industry, imports will fill the vacuum. However, this will hurt the economy and job market of the country,” he said while acknowledging that the auto sector must undertake certain initiatives.
Related news categories: auto-assembler business misc

Tuesday, March 12 2019

Car sales fall 13% in February 2019
KARACHI: Auto assemblers faced a setback as sales of locally produced vehicles fell 13% in February 2019 amid an overall slowdown in economy. According to data released by the Pakistan Automotive Manufacturers Association (Pama), total car sales declined to 19,712 units in February 2019, compared to 22,654 in the same month of previous year. Meanwhile, month-on-month sales were down 13% from 23,562 in January 2019. Topline Securities, in its report, attributed the decline to the lower number of working days in the month. Previously, the restriction on purchase of new automobiles by non-filers of tax returns significantly dented sales of the companies. However, in the Finance Supplementary (Second Amendment) Bill 2019, which was endorsed by the National Assembly last week, the government completely withdrew the restriction. It allowed non-filers to buy new vehicles of any engine capacity.
Related news categories: auto-assembler business misc

Car sales fall in eight months
KARACHI: Sale of locally assembled cars in the eight months of current fiscal year declined by 1.3pc to 140,462 units from 142,383 units during the same period last year according to data released by the Pakistan Automotive Manufacturers Association (PAMA) on Monday. The decline is mainly attributable to lower working days in February coupled with persistent declining trend in sales of Suzuki Mehran and Bolan – which contributed big volumes to total auto sales. Rising vehicle prices on rupee-dollar parity, soaring petrol and diesel prices and higher interest rates are likely to affect auto sales in the coming months as in a month on month comparison, sales in February dropped to 17,071 units from 19,353 units in January. During the period under review, in the 1,300cc and above category, total sales clocked in at 70,232 units as against 64,143 last year.
Related news categories: auto-assembler business misc

Auto industry providing huge boost to local engineering sector
SWAT - The local auto industry has been promoting ‘Make in Pakistan’ for last 30 years, providing a huge boost to local engineering sector through technology transfer and in the process creating thousands of jobs opportunities for local Pakistani youth. This was stated by Chief Executive Officer Indus Motor Company (IMC) Ali Asghar Jamali while speaking at 5th Pakistan Automotive Industry Workshop. Talking about the impact of ADP 2016-2021, he said that policy achieved one if its objectives of bringing in new players in auto industry. IMC welcomes competition as it will give more choice to consumers who will eventually decide which brand offers best value for their money. IMC intend to compete with new entrants though Toyota’s QDR promise which is Quality, Durability and Reliability. We strongly believe that high localization levels achieved by us is our biggest competitive advantage against all new entrants. “However to support the local engineering base which is the true employment generator the government should also consider incentives for auto part makers to make them more competitive to produce parts for new entrants as well,” said the CEO IMC.
Related news categories: auto-assembler business misc

Friday, March 08 2019

As bar on non-filers lifted, car sales may go up
KARACHI: The three existing Japanese car manufacturers in Pakistan and new entrants in the industry have heaved a sigh of relief after the government withdrew the restriction on new vehicle purchase by non-filers of tax returns. One of the three carmakers said the bar on non-filers had badly hit its sales in first seven months of the current fiscal year 2018-19 and the removal of the condition would help it to return to the growth path. “The government’s decision will help the company recover the lost 35% sales in the next three to four months,” Pak Suzuki Motor Company spokesman Shafiq Ahmad Shaikh told The Express Tribune.
Related news categories: auto-assembler business misc

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