Car sales in Pakistan show a whopping development of 247% in May 2021. 20,331 pieces were sold in May 2021 when contrasted with 6454 units sold in the relating year.
The triple-digit development in deals is principally ascribed to the lockdown due to Coronavirus that has brought down the country’s economy. The increased rate of car sales this year is welcomed by the automobile industry.
Car Sales in May 2021:
The sale of passenger vehicles recorded a development of 249%. A report of JS Global expressed that Pak Suzuki Motor Company (PSMC) was delighted with the development of a strong sales growth of 131% year-on-year, recording complete deals of 8,307 units in May 2021.
Alto contributed 41% to the organization’s unit deals. All the fragments of Pak Suzuki Motor Company enrolled development during the period, where the sales of Alto (36,504 units), Cultus (15,240 units), and Wagon R (11,805 units) kept up the organization volumes. Consistently, PSMC deals in May 2021 reached 8,307 units, where Alto contributed the most, adding 3,375 units.
Atlas Honda recorded a six-fold increase in the volume where Civic and City were the significant benefactors, contributing a sale of 2,001 units.
Deals of Indus Motor Company bounced by 755% year-on-year to 4,676 units as all variations posted a solid recuperation during the month. Yaris (2,099 units) and Corolla (1,514 units) were the significant allies.
JS Global analyst Ahmed Lakhani said, “In the federal budget for the fiscal year 2021-22, the federal excise duty was removed and sales tax was reduced from 17% to 12.5% on all cars up to 850cc.”
Tractors saw triple-digit development of 120% with 4,211 units sold, pickup sales surged 174% to 1,778 units, and truck deals expanded 375% to 361 units in May 2021 as government announces a relief package for the agricultural sector. Jeeps sales rose extensively with 993 units in May 2021 as against 77 in May last year.
Hyundai managed to outperform during the July-May time of the monetary year 2020-21 with a 1,772% development in sales. The organization sold 5,186 units in the 11-month time frame contrasted with 277 units in a similar time of last year.
Experts expect the automobile industry volumes to grow significantly because of stable financing costs, the entry of new models and a decrease in sales tax charges from 17% to 12.6% will add to the flooding automobile sales.
Source: Express Tribune