Pakistan’s auto sales plunged by 20% year-on-year (YoY) to 17,662 units in the month of August 2018 mainly due to Eid holidays.
Analysts attributed the drop in auto sales in August mainly to a hike in prices, restriction on non-filers, and Eid-ul-Adha.
Decline in volumes was led by Pak Suzuki Motor Company (PSMC), with a 27% YoY drop in sales, where other than Wagon-R that went up 11% YoY, all variants experienced double digit declines.
Mehran, witnessing 42% YoY decline, led the downtrend in PSMC volumes, potentially due to the expected launch of United Motor’s Bravo, while Ravi with 50% YoY decline and Bolan with 22% YoY contraction also experienced rapid dips in unit sales.
Indus Motor Company (INDU) saw a 9% YoY contraction in volumes, which was mainly on account of the Eid holiday factor, while election factor might have pushed up volumes for Hilux (up 23% YoY) Honda Atlas Cars (HCAR) sales dipped 15% YoY, where Civic+City sales were down 12% YoY, while BR-V sales nosedived 32% YoY.
Local auto assemblers in Pakistan sold 17,622 cars during the month, compared to 21,344 units sold in the earlier month and 22,095 units sold in the same month of previous year.
Motorcycle sales showed a MoM contraction, having sold 135,477 units during the month, compared to 146,158 units sold in the earlier month and 163,073 units sold in the same period of last year.
Tractor sales increased by 4.4%MoM, having sold 4,041 units in August, compared to 3,872 units sold in July, and 5,138 units sold in the same period of last year.
Trucks & buses sales increased by 4%MoM from 694 units in July 2018 to 722 units in August. On a YoY basis, sales were down 16.1%YoY from the 861 units sold in the same period of last year.