Thursday, July 11 2024

Car sales reach 18-month high, surge 120% YoY
According to a report released by Topline Research on Wednesday, Pakistan car sales, as reported by the Pakistan Automotive Manufacturers Association (PAMA), hit an 18-month high in June 2024, recording sales of 13,300 units. This marks a 21% increase month-on-month (MoM) and a 120% increase year-on-year (YoY). The MoM increase in car sales is driven primarily by Indus Motors Company Limited (INDU), which saw a 44% rise to 2,957 units, and Pak Suzuki Motor Company (PSMC), which recorded a 15% increase to 6,885 units. Hyundai Nishat Motor saw sales of 1,059 units, a 55% MoM rise, while Sazgar Engineering (SAZEW) recorded a 12% increase to 871 units. Honda Atlas Cars (HCAR) was the only company to see a decline, with sales down 8% MoM to 1,095 units in June 2024.
Related news categories: auto-assembler business economic-indicators

Thursday, July 04 2024

Duty exemption for small used cars irks auto industry
Auto assemblers and vendors have expressed surprise and concern over excluding imported used cars below 1,300cc from the newly imposed 15 per cent regulatory duty (RD), despite the government’s earlier assurances to curb used car imports. Finance Bill 2024-25 has introduced an RD of 15pc on imported used vehicles above 1,300cc while exempting those below 1,300cc. “We were hopeful that the new budget would implement strong measures to discourage the illegal trade of used car imports, often serving as a parking lot for black money. However, we are dismayed by the budgetary measures,” said Abdul Rehman Aziz, chairman of the Pakistan Association of Automotive Parts and Accessories Manu­fac­turers (PAAPAM).
Related news categories: auto-assembler business economic-indicators

Tuesday, July 02 2024

Lucky Motor jacks up Stonic price by Rs733,000
After a record price cut of Rs1.513 million in the last week of April, Lucky Motor Corporation Ltd (LMCL) jacked up the price of Kia Stonic by Rs733,000 on Monday. The company slashed the Stonic price to Rs4.767m from Rs6.280m, which changed the vehicle’s sales fortune. Due to its high prices and intense market competition, the vehicle had been facing sluggish demand. Currently, the vehicle price has been revised to Rs5.5m. LMCL said it had received an overwhelming response on the five-year celebration limited-time offer on Stonic EX plus. However, due to more-than-expected demand, the company had no option but to temporarily suspend the booking for clarity on the stock situation. The company on Monday also reopened the booking of the above vehicle for delivery in December and onwards. Booking will only be accepted with partial payment of Rs2.5m.
Related news categories: auto-assembler business economic-indicators

Monday, July 01 2024

More competition to amp up electric vehicles adoption
Auto sector players are optimistic about China’s BYD entering Pakistan in collaboration with Hub Power Company Ltd (Hubco) to locally assemble electric vehicles (EVs), which could benefit exports. “[The] Entry of BYD in Pakistan should be looked at from a global perspective instead of [a] regional one,” GM Marketing Division, MG JW Automobiles Syed Asif Ahmed told Dawn from Lahore. He said China will focus on other potential markets for EVs after restrictions in North America and Europe. Turkiye has already imposed a 30 per cent duty to protect its EV brand TOGG, while South America plans to follow the duty curbs. He added that India has already shunned Chinese investment. Far East Asia, Australia and the Middle East are currently attractive alternatives. “Pakistan can benefit from this global shift by converting its internal combustion engine (ICE) to electric cars, thus reducing fuel bills,” Asif advised.
Related news categories: auto-assembler business economic-indicators