Alto and Wagon-R sales doubled
The auto industry recorded increase in car sales in January, which increased by 46%, as compared to sales in January 2020. The total units sold during the month stood at 17,515 units.
January was the sixth consecutive month when the industry showed growth in double digits, according to a JS Research report.
During the first seven months of fiscal year 2021 (July to January), the industry reported 23% increase in sales as compared to the same period of the previous year. The industry has sold 97,469 units so far during the ongoing fiscal year.
Pak Suzuki was the top selling company with 62% year on year growth in January. Hatchbacks Alto 660cc (113%) and Wagon-R (132%) reported the highest growth. Minivan Bolan (75%) and pickup Ravi (34%) were other vehicles that saw their sales grow.
Indus Motor Company, which assembles and sells Toyota cars in Pakistan, reported a 36% growth in the number of cars they sold. Yaris and SUV Fortuner (179%) recorded impressive numbers during the month.
Honda Atlas Cars reported an 11% increase in its sales.
JS Global Senior Research Analyst Ahmed Lakhani said that Honda’s sedan car City was facing competition from Toyota Yaris and Changan Alsvin. But he says that with the new model of City expected this calendar year, it would increase the car sales.
Lakhani says cheaper auto financing due to low interest rates, increasing demand, and higher income in rural areas are the reasons behind the increase in car sales.