Employee remittances soar to $20.1 billion in 8MFY22

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March 10, 2022 (MLN): Passenger car sales are up 6% in February 2022, representing 18,054 units, up from 16,985 units sold in January 2022, monthly data from the Pakistan Automotive Manufacturers Association (PAMA) shows . ) showed on Thursday.

This increase in sales can be attributed to a low base and renewed demand for low-cost cars due to fuel economy.

Year-on-year, vehicle sales increased 33% year-over-year compared to 13,570 units sold in February 2021.

This brought volumes from 8MFY22 to 149,813 units, with robust 57% year-on-year growth thanks to the launch of new models, and a pick-up in general economic activity during the current fiscal year.

Based on the data made available by PAMA, total passenger car production in February 2022 was recorded at 18,263 units.

During the month of February 2022, the ‘under 1000 cc’ category took a lead as 8,245 cars were sold within this category. Segmentally, Suzuki Alto posted the highest sales at 7,175 units, followed by Suzuki Bolan, which sold 1,070 units in the said month.

The second highest number of sales was made in the ‘1300cc and above’ category with 6,471 units, a decrease of approximately 32% MoM and an increase of 6% YoY. Within this category, Toyota Corolla and Yaris had sales of 3,646 units, a decrease of 34% on a sequential basis. Honda Cars (Civic and City) posted sales of 2,286 units, which were down 37% MoM.

This was followed by Hyundai Elantra and Hyundai Sonata, which sold 312 and 226 units respectively.

The ‘1000cc’ category took third place as the number of units sold in the month of February was 3,338. In terms of growth, volumetric sales were up 23% MoM and 45% YoY. Within this category, the Suzuki Cultus had the highest sales with 1,692 units, followed by the Suzuki WagonR with 1,646 units.

Meanwhile, truck sales were down 27% to 501 units in February 2022, compared to 690 units sold in the previous month. Isuzu emerged as the best-selling truck, with sales of approximately 276 units during the month, followed by MASTER with 124 units. HINO and JAC sold 84 units and 17 units, respectively.

Likewise, total bus sales fell 49% MoM during the review month to clock in at 45 units. Within this segment, Master achieved maximum sales with 35 units, while HINO recorded sales of 10 units.

Cumulatively, the total sales of trucks and buses during the month were 597 units, compared to production of 546 units, while sales of two- and three-wheelers were recorded at 136,527 units.

According to the data, light commercial vehicles, vans and jeeps recorded sales of 3,610 units, showing a marginal decline of 0.4% MoM during the reporting period.

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