KARACHI: Pakistan recorded a 44.06% increase in the sale of cars to 14,543 units in January.
In the same period last year, 10,095 units were sold. The increase is being attributed to an increase in leasing on a low interest rate environment, latest numbers showed.
Sales of jeeps, tractors, pickups, three-wheelers and motorcycles also increased in the period under review, according to data issued by Pakistan Automotive Makers Association (PAMA).
An analyst says sales will increase even more as low markup rates will attract buyers.
Cumulative sales in the first seven months of the FY2021 (July-Jan) clocked in at 81,569 units, up 18%, compared to 69,189 sold in the same period last year.
Syed Fawad Basir, an analyst at Topline Securities says demand for cars is expected to grow stronger owing to low interest rates.
A breakdown of the car sales
In January, 1300cc and above car sales increased 27% to 6,944 units as compared to 5,467 units sold during the same month in the previous year. This increase can be attributed to sales of Toyota Yaris that hit 2,992 units.
But the sale of Indus Motor’s popular Toyota Corolla decreased 56%, while that of Honda Civic and City were up 10%. Around 364 Suzuki Swifts were sold in the period under review compared to 144 sold last year.
In the 1,000cc category, sales of Suzuki Cultus and Suzuki WagonR increased 23%, while sales rose by 104% in the 800cc category.
Suzuki’s new Alto was the most popular choice for an 800cc car.
A drop in sales of buses and trucks was recorded.
Jeeps, however, recorded an increase of 149%. This was mainly because of the 179% increase in the sale of Toyota Fortuner.