Pakistan Automobile Manufacturers Association (PAMA) released latest auto sales data for Feb’21, portraying an increase of 35% YoY to 16,436 units.
The surge in sales can be attributable to i) Pickup in economic activity resulting in higher demand of automobiles, ii) Lower policy rate helping car sales to increase drastically as auto financing has increased by PKR 51bn during 7MFY21, iii) Improving economic conditions in rural areas because of higher prices of agricultural products, and iv) Improving purchasing power parity.
However, on monthly basis, auto sales dropped by 6% MoM due to fewer working days in the month of February.
In the below 1,000cc category, volumes are significantly up by 162% YoY owing to Alto which arrested the overall sales decline. In LCVs+4×4 category, total sales stood at 3,779 units, increasing by 48% YoY due to bounce back in dispatches of Ravi, Fortuner and Bolan by 106%, 30% and 27% YoY respectively.
Full report here: