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2021 - a historic year for new car models
For the first time, over 15 new cars will be launched in a year
In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. PHOTO: FILE
KARACHI:
Pakistan’s auto sector is on a path of handsome recovery as it will launch the largest number of new cars in a year in 2021.
“It is for the first time in the history of Pakistan that more than 15 new cars are being launched across the country in a single year,” said Arif Habib Limited analyst Arsalan Hanif in comments to The Express Tribune on Tuesday. “We expect the auto sector to outperform this year for a few reasons.”
Car sales jump 44pc to 14,543 units in Jan
Business
February 12, 2021
KARACHI: Sales of passenger cars jumped 44.06 percent to 14,543 units in January compared to 10,095 units sold in the same period last year owing to an increase in leasing in a low interest rate environment, latest numbers showed on Thursday.
Sales of jeeps, tractors, pickups, three-wheelers, and motorcycles also increased in the period under review, according to data issued by Pakistan Automotive Makers Association (PAMA).
One analyst said that sale of cars were set to increase in coming days as low markup rates would attract the buyers willing to purchase cars on lease.
Total car sales stood at 81,569 units in 7MFY21 versus 69,189 units in the same period last fiscal. AFP/File
KARACHI: The auto sector in the first seven months of the current fiscal year (7MFY21) registered brisk growth, posting an increase of 18 per cent in car sales, 137pc in jeeps, 32pc in pickups, 12pc in Fiat and 84pc in Massey Ferguson tractors and 18pc in two- or three-wheelers. The only exception were heavy vehicles which posted negative sales.
According to data released by the Pakistan Automotive Manufacturers Association (PAMA), total car sales stood at 81,569 units in 7MFY21 versus 69,189 units in the same period last fiscal. Car sales in Jan 2021 sales increased to 14,543 units as compared to 10,095 units in Jan 2020.
Increase comes on back of higher demand during the month
KARACHI:
Car sales increased by 46% in January 2021 to 17,515 units in comparison with the same period of last year, according to data released by the Pakistan Automotive Manufacturers Association (Pama).
Car sales grew on the back of higher demand during January, said auto analyst Nabeel Dochki. The highest uptick in sales was enjoyed by Pak Suzuki Motor Company (PSMC), which was likely due to a change in production towards double shifts.
Moreover, a significant change in customer preference was also witnessed as the proportion of Hilux and SUVs increased from a historic average of 5% to 19% in the sales mix, driven by higher demand for Sportage and Tucson.