The total sales stood at 24,918 units in July 2021, compared with 11,659 units in the same month of the last fiscal year. The analysts at Topline Securities said the car sales might be around 27,000 units in July 2021, including Lucky Motor Corporation, i.e., KIA. Attributing the increase, the analysts said the volumetric increase was mostly led by Pak Suzuki Motor Company and Indus Motor.
Incentives for Car Buyers in Pakistan
To recall, the government had announced relief and tax reduction in the Federal Budget 2021/22, which resulted in across-the-board reduction in car prices. As a result, the customers had held back purchases till July 2021.
Pak Suzuki volumes went up 197 per cent on a month-on-Month (MoM) basis to 15,181 units. Indus Motor registered an increase of 48 per cent on a month-on-month basis to 6,715 units.
However, the sales of Honda Car were on the lower side with a decline of 30 per cent MoM largely due to the anticipated rollout of the new model of Honda City.
On the new-entrants front, Hyundai Nishat registered a 4 per cent MoM increase to 627 units with the inclusion of its new model ‘Sonata’. Lucky Motor Corporation sold around 1,600 to 1,800 units in July 2021, which are similar volumes to the prior month.
Although, the beginning of corona virus in 2020 did stall the economy. Resultantly, several sectors did face economic downturn in the year. However, the year 2021 did change the economic outlook. Thus. the number of cars saw a significant increase with the beginning of 2021. Resultantly, Pakistanis buy 27000 new cars in July 2021.