Karachi, January 12, 2023 (PPI-OT): Auto Sales Dec’22 – All on the same boat
Dec’22 proved to be another month of lackluster sales for the auto sector, with industry sales during the month clocking in at 18,238 units (-43%YoY/-9%MoM). Of this, 13,768 passenger cars were sold during Dec’22 (-44%YoY/-11%MoM), along with 3,169 LCVs (10%YoY/8%MoM), 222 trucks (-26%YoY/-25%MoM) and 64 buses (78%YoY/39%MoM). The sequential drop in vehicle sales can be attributed to; i) LC restrictions hampering production as OEMs struggle to import CKD kits (passenger car production down 11%MoM), and ii) year-end effect, wherein consumers tend to delay purchases until the next year.
Segment-wise, passenger cars with engine capacities of 1,300cc and above emerged as the least favourite during the month, with overall sales in the segment dropping by 23%MoM and 55%YoY. Sales of 800cc and below dropped by 5%MoM and 28%YoY to 7,362 units during the period. On a sequential basis, 1,000cc engine capacity segment was the outlier, with volumes increasing by 4%MoM, attributable to a 22%MoM increase in Wagon R sales during the period.
Amongst the major OEMs, PSMC/INDU/HCAR posted sales of 11,342/2,823/2,079 units declining by -27%/-55%/-56%YoY. On MoM basis, HCAR posted a slight gain of 5%MoM attributable to the addition of HR-V in the company’s tally, with the HR-V and BR-V cumulative sales increasing by 137%MoM. On the flip side INDU/PSMC posted a decline of 13%/8% MoM, respectively, while also down by 55%/27%YoY
Tractor sales have decreased by 18%MoM/77%YoY to clock in at 1,015 units in the month. However, we have seen a flip in the sales of AGTL and MTL with AGTL sales increasing by 275% MoM and MTL sales decreasing by 55%MoM to post sales of 514 and 501 units, respectively. On a yearly basis, AGTL and MTL witnessed declines of 56%/83%YoY.