Winners and Losers of January 2020
According to the data released by PAMA, while some car models showed recovery in January 2020, there were some which went down the drain despite the beginning of New Year.
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Sorry Period for Local Auto Industry Continues
Local auto industry continued to show dismal performance during the first 7 months of fiscal year 2019-20 with cars sales declining by 44% year-on-year, according to the data released by Pakistan Automotive Manufacturers Association (PAMA).
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Tax Drive Blamed for Decline in Car Sales
According to a top executive of one of the three Japanese assemblers, the tax drive by the government is the reason behind the downfall in car sales.
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Car Sales Declined by 43% in H1, 2019-20
The first half of this fiscal year proved to be utterly disappointing for local auto industry as sales fell by 43.2% to 59,097 units from 104,038 units sold in the same period in previous year.
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Can Increase in Car Prices Bring Desired Results?
Despite Rupee regaining its strength against the US Dollar and no additional duty or tax implemented by the government, auto assemblers are substantially increasing car prices in order to dampen their declining profits. Can this trend of increasing prices improve the plunging car sales in Pakistan?
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2019 was a Bad Year for Local Auto Industry
Year 2019 wasn’t a good year for the local auto industry. Sales of vehicles plunged 34% to 175,611 units in the first 11 months of 2019 compared to 235,491 units sold in the same period of previous year.
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Car Sales Plunged by 44% in November
Demand of locally assembled automobiles continued to show downward trend as sales fell by 44% to 49,110 units during the first 5 months of current fiscal year, according to the data released by Pakistan Automobile Manufacturers Association (PAMA).
Read MoreCar Sales Down by 44% Year on Year
Car sales in Pakistan continue to suffer as sales of locally assembled cars went down by 44% as of the first 4 months of this fiscal year. Between July and October 2019 sales of 40,586 units were recorded compared to 72,563 units in the same period of previous fiscal year.
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Increasing Demand of Second Hand Cars
Due to substantial increase in prices of new cars, demand of second hand cars is constantly rising in the market.
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Automakers Increasing Prices Even When Rupee Stands Stable
Local auto assemblers are increasing prices even when the Rupee stands stable against the Dollar
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