Car Sales Likely to Rise by 30% in Oct 24

Staff Report:
The provisional auto sales figures indicate that sales of four leading car assemblers are expected to increase by 30% month-on-month (MoM) to 12,347 units in October 2024, and by 55% year-on-year (YoY) to 37,596 units in the first four months of FY25.Car Sales Likely to Increase by 22% in Sep 2024

The monthly sales growth is primarily driven by lower auto financing rates due to a decline in interest rates, the introduction of new models, and stable prices. Additionally, car financing rose slightly to Rs227.5 billion in September 2024, up 0.11% MoM, breaking a 26-month negative growth trend.

Indus Motors (INDU) is expected to report 2,526 units, up 7% MoM in October 2024. This growth is mainly due to a price promotion offer on the Corolla Cross.

Honda Atlas Cars (HCAR) sales are expected to reach 1,510 units, up 19% MoM during October 2024. The increase is mainly due to higher sales of the City and Civic models, with 1,418 units sold, up 24% MoM. However, the company’s SUV sales are expected to decline by 24% MoM, reaching 94 units.

Pak Suzuki (PSMC) sales are projected to clock in at 7,300 units, up 46% MoM. This increase is primarily attributed to higher Alto sales, up 49% MoM. Moreover, the newly launched model, Every, recorded 262 units as a replacement for the Bolan.