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KARACHI: Amid a continuous downturn in demand for tractors, the sales of cars, LCVs, pickups and vans clocked in at 13,108 units in October, up by 27 per cent month-on-month (MoM) and 112pc year-on-year (YoY), thus pushing up sales by 50pc during 4MFY25 to 40,693 units.
This increase in sales is primarily driven by improved auto financing and a general sense of optimism and stability in the market, Myesha Sohail of Topline Securities said, expecting a further rise in auto sales owing to a persistent drop in interest rates and the arrival of new models, especially hybrid electric vehicles (HEVs) and electric vehicles (EVs).
Pak Suzuki Motors Company (PSMC) saw the highest MoM rise of 40pc and 85pc YoY to 7,040 units in October. Total Pak Suzuki sales during 4MFY25 stood at 20,176, up 37pc year-on-year.
Indus Motor Company (IMC) recorded sales of 2,532 units, showing a jump of 142pc YoY and 7pc MoM. At the same time, the company sold 56pc more vehicles in July-October FY25 compared to the same period last fiscal year.
Honda Atlas Cars Ltd (HACL) sales reached 1,514 units, up 230pc YoY and 19pc MoM, while July-October FY25 sales registered a 64pc rise to 4,862 units compared to the same period last fiscal.
Myesha said Sazgar Engineering Works Ltd (SEWL) once again saw the most significant rise of 296pc YoY and 21pc MoM to 1,002 units in October, the company’s highest-ever sales. SEWL sales during 4MFY25 rose by 265pc to 3,607pc compared to last fiscal year.
Hyundai Nishat Motors (HNM) saw a 34pc YoY rise while a 26pc fall MoM to 504 units in October, while its four months FY25 sales also remained 10pc low at 2,301 units versus the same period last fiscal year.
Rickshaw, motorbike sales
She said sales of two- and three-wheelers increased by 35pc YoY and 5pc MoM, totalling 137,693 units in October, the highest sales after 28 months. The rise in the motorcycle segment is due to falling inflation and, thus, better purchasing power for customers. Total two- and three-wheelers sales during 4MFY25 rose to 457,880 units from 370,966 in the same period last fiscal year.
Falling demand for tractors
The total tractor industry recorded sales of 1,733 units, down by 67pc YoY, while it went up 61pc MoM, mainly due to Millat Tractors as it saw sales of 1,439 units, down 52pc YoY while it rose by 94pc MoM.
Al Ghazi Tractors (AGTL) recorded sales of 294 units, down 87pc YoY and 12pc MoM in October. Total tractor sales (Millat and Al-Ghazi) during 4MFY25 fell by 60pc to 6,939 from 17,296 in the same period last fiscal.
She said tractor sales recovered this month as the Federal Board of Revenue rescinded SRO 563(1)/2022, allowing tractors to be sold for non-agricultural uses.
Additionally, the sales tax rate was raised to 14pc from 10pc to align manufacturers’ input-output claims, helping reduce the backlog of refund claims.
Truck and bus sales during 4MFY25 rose to 1,277 from 712 units.
Published in Dawn, November 12th, 2024
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