Analyst Note- Auto sales down by 23% MoM during Jul13
Latest auto sales data released by PAMA depicts a decline of 18% MoM for Passenger Vehicles (PV) to 8.29k units during Jul13 as against 10.16k units sold during Jun13. Similarly, Light Commercial Vehicle (LCV) segment also followed the same trend and posted a decline of 35% MoM to 2.28k units as against 3.50k units in Jun13. Overall, combined PV and LCV segment sales declined by 23% MoM to 10.57k units in FY13 owing to increase in GST by 1% in federal budget FY14.
Another dismal month for INDU.
Impairment in the sales figures was mainly because of GoP’s decision to increase GST to 17% from 16% which led to increase in the prices of cars during the month of July. Overall, Indus Motor Company Limited (INDU) sales declined the most amongst its peers by 32%MoM in Jul13. INDU’s flagship brand Corolla and Fortuner overall witnessed a decline of 35% YoY and 76% YoY respectively. Furthermore, PSMC and HCAR sales declined by 18%MoM and 15% MoM respectively.
|
Jul-12 |
Jul-13 |
YoY |
Jun-13 |
Jul-13 |
MoM |
801cc-1300cc |
|
|
|
|
|
|
Mehran |
2,217 |
2,299 |
4% |
2,759 |
2,299 |
-17% |
Cuore |
59 |
– |
-100% |
– |
– |
0% |
Cultus |
1,135 |
1,225 |
8% |
1,002 |
1,225 |
22% |
Alto |
– |
– |
0% |
– |
– |
0% |
Total |
3,411 |
3,524 |
3% |
3,761 |
3,524 |
-6% |
|
|
|
|
|
|
|
1301cc & above |
|
|
|
|
|
|
Liana |
25 |
5 |
-80% |
13 |
5 |
-62% |
Swift |
684 |
440 |
-36% |
447 |
440 |
-2% |
Honda City |
1,144 |
1,162 |
2% |
1,115 |
1,162 |
4% |
Honda Civic |
506 |
800 |
58% |
1,192 |
800 |
-33% |
Corolla |
2,464 |
2,368 |
-4% |
3,639 |
2,368 |
-35% |
Total |
4,823 |
4,775 |
-1% |
6,406 |
4,775 |
-25% |
|
|
|
|
|
|
|
LCV |
|
|
|
|
|
|
Bolan/Cargo Van |
762 |
989 |
30% |
1,410 |
989 |
-30% |
Ravi |
792 |
739 |
-7% |
1,359 |
739 |
-46% |
Hilux |
564 |
481 |
-15% |
418 |
481 |
15% |
Fortuner |
– |
45 |
N/A |
186 |
45 |
-76% |
Defender |
82 |
26 |
-68% |
133 |
26 |
-80% |
Master |
1 |
– |
-100% |
1 |
– |
-100% |
Total |
2,201 |
2,280 |
4% |
3,507 |
2,280 |
-35% |
Source: PAMA
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