Car sales up 51pc in 11MFY22.

KARACHI -- Despite a massive price increase, State Bank of Pakistan (SBP) curbs on auto financing, and high interest rates, car sales increased by 51 per cent in 11MFY22 to 210,633 units from 139,613 units in the same period last fisca.

Car sales in May 2022 also soared to 19,395 units, up from 18,626 units in April 2022 amid Eidul Fitr holidays at the start of the month.

Consumers' increased interest in pickups and jeeps resulted in a 43pc increase in sales to 40,255 units from 28,034 units. Month-on-month sales of these expensive vehicles fell to 3,498 units in May 2022 from 3,917 units in April 2022.

Car, pickup, and jeep assemblers have been so far riding high due to huge advance bookings made by the assemblers in the previous months.

However, Sunny Kumar of Top Line Securities believed that the economic slowdown, increase in interest rates and further tightening of financing by the SBP would significantly impact car sales moving ahead.

According to the Pakistan Automotive Manufacturers Association (PAMA), combined sales of Honda Civic and City increased by 42pc to 31,776 units in 11MFY22, compared to 22,450 units in the same period in FY21.

Toyota Corolla and Yaris sales increased by 114pc to 52,075 units from 42,912 units, while Suzuki Swift sales increased by 114pc to 4,514 units from 2,108 units due to a complete model change from October 2021 to March...