Islamabad July 16 2022: Pakistan Automobile sector sales increase 24% during the month of June when compared with sales of previous month, according to the data published by Pakistan Automotive Manufacturers Association on Friday.
Total Automobile sales recorded at 28,379 units during June 200 when compared with sales of 22,967 units during May 2022 in anticipation of increase in car prices due to further taxation measures amid clearance of backlog despite State Bank of Pakistan Measures to curb Auto financing.
In May 2022, the maximum tenure of auto finance facility is reduced from five (5) years to three (3) years for vehicles above 1,000 cc engine displacement and from seven (7) years to five (5) years for vehicles up to 1,000 cc engine displacement by SBP.
The total monthly amortization payments of consumer financing facilities, should not exceed 40% of the net disposal income of the prospective borrower on engine displacement and locally assembled / manufactured electric vehicles. The minimum down payment is increased from 15 percent to 30 percent of the value of vehicle for vehicles of all engine displacement and locally assembled / manufactured electric vehicles.
Overall auto loans/financing limits availed by one person from all banks/DFIs, in aggregate, shall not exceed Rs3,000,000/-, at any point in time. However, the financing limit of borrowers whose approved limit already exceeds Rs3,000,000/- may be amortized as per existing terms and the same shall not be further increased.
Passenger car sales increase by 21% to 23,547 units during June 2022 compared to the previous month. However, car sales are more than double during the month of June 2022 when compared with the same month of last year.
During fiscal year 2022, period from July to June, Automobile sales witnessed at 279,251 units which is 54% higher compared to the same period last year due to incentives provided by State Bank of Pakistan. This is the highest annual sales figure of Pakistan Automobile Industry.
During fiscal year 2022, Pak Suzuki Motors remained the bestselling brand with sales of 150,279 units while Indus Motors sold 74,533 units. Honda Atlas sales recorded at 39,452 units.
In FY2022, Pak Suzuki sales increased the most by 71% followed by that of Honda Atlas sales increase of 35% and Indus Motors sales increase of 30% in fiscal year 2022 when compared to sales of previous year.