Inside Financial Markets

Analyst Note- Auto sales down by 23% MoM during Jul13

autosalesAnalyst 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

 

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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