Car sales swell by 12 percent for fiscal year 2016

[Devil Soul]

KARACHI (Web Desk) – Sales of domestically assembled vehicles increased by 12% to 257,752 units in 2015-16 mainly due to the easy availability and lower cost of auto financing for the most part of the last fiscal year, it has been reported.

A report put forth by the Pakistan Automotive Manufacturers Association (PAMA) confirms that the automotive industry swelled in fiscal year 2016.

According to a research note issued by Taurus Securities on Wednesday, car sales grew 21% in 2015-16 to 216,568 units. The highest contribution in swell was by Pak Suzuki.

Moreover, within the cars segment, the company’s sales increased by 28% over the year to 126,674 units. Its vehicles, Ravi and Bolan, recorded sales growth of 31% and 27%, respectively mostly due to Punjab government’s Apna Rozgar Taxi Scheme.

Related: Car sales jumped by 38% to 121,934 units in 8 months

As for Indus Motors and Honda Cars, their sales grew by 12% and 9% to 63,977 and 25,726 units, respectively, during the last fiscal year, Express Tribune reported.

Sales of heavy commercial vehicles (HCV) increased 40% to 6,566 units in the last fiscal year, data shows.

In contrast, sales of tractors dropped 26% on an annual basis to 34,618 units due to seasonal down cycle, low farmer income and anticipated subsidy schemes, Taurus Securities said.

“In 2016-17, we expect auto sales would remain close to current levels despite completion of Apna Rozgar Taxi Scheme. We anticipate higher contribution from Honda due to its new Civic model launch and higher tractor sales,” report said.

Observers are of the view that heavy commercial vehicles will add more to the industry due to China-Pakistan Economic Corridor
http://en.dailypakistan.com.pk/business/car-sales-swell-by-12-percent-for-fiscal-year-2016/

 

[LA se Karachi]

The car industry in Pakistan has been doing incredibly well this year! What's causing this dramatic increase in sales?

 

[Jhon Smith]

The car industry in Pakistan has been doing incredibly well this year! What's causing this dramatic increase in sales?

Why people r buying cars?? bcz there r no well planned public transport exist in Pak for 200 million.
public left with no option except to buy own transport or to use miserable busses.. for buying cars public r mortgaging there homes to banks... due to lack of proper public transport many cities r very polluted particularly Karachi , Lahore and Peshwar as hours of traffic jams
.
Banks loan .. That is not good , these Auto loans r destroying families. middle class families r financing cars through banks to impress there relatives and friend for it they r mortgaging there properties to Banks and r buying cars based on 1990s technologies.