Suzuki & Honda Lag Behind as Toyota & Hyundai Mark Rise in October Sales
While the overall sales of the auto industry witnessed a slight decline in October 2021, Toyota Indus Motors Company (IMC) and Hyundai remained progressive with Pak Suzuki Motor Company (PSMC) and Honda Atlas Cars Limited (HACL) experiencing a decrease in their sales.
According to October 2021 data of the Pakistan Automotive Manufacturers Association (PAMA), the auto industry has declined in monthly sales with a total of 22,235 units sold, recording a Month-Over-Month (MOM) decrease of 6 percent in sales.
The report highlights that last month, IMC sold 6,897 units and made a MOM increase of 10 percent and a Year-Over-Year (YOY) increase of 26 percent in sales. Hyundai Nishat also joined Toyota as a progressive company, selling 1,064 units in the month and witnessing a MOM growth of 10 percent in sales.
However, PSMC and HACL both experienced a decrease in their respective sales. PSMC sold 10,247 units last month, witnessing a MOM decline of 8 percent in sales. Similarly, HACL sold 2,658 units in October, witnessing a rather larger MOM decline of 27 percent in sales.
Reports from the market suggest that sales of non-PAMA member companies such as Kia Lucky Motors, MG JW SEZ, Master Changan Motors, Regal Motors, Al-Haj Proton, United Motors, Haval, etc. also remained turbulent during October 2021. Kia in particular witnessed a decline in sales due to the suspension of bookings for both variants of Picanto and Sportage Alpha.
The sales figures of some of the popular vehicles in Pakistan are as follows:
|Passenger Vehicle Sales (PAMA Members Only)|
|Passenger Vehicles||Units Sold in September 2021||Units Sold in October 2021||Month on Month %age Difference|
|City & Civic||3,367||2,651||-21%|
With the wave of ongoing price hikes, the demand for vehicles is likely to be impacted. However, as the suspended bookings of several favorite cars are now open, the negative impact of the price hikes could also be nullified. With that said, it would be interesting to see how the car companies perform in the near future.