Pakistan has seen an increase of 35.65 percent in the manufacturing of cars during the fiscal year 2015-16 showing an impressive growth in the auto manufacturing sector.
According to Pakistan Beaurue of Statistics; a total of 33,632 cars were produced in the country from July 2015 to June 2016, whereas 24,794 units of vehicles were generated during the same period of the fiscal year 2014.
An increase of 85.79 percent was recorded in the manufacturing of buses and trucks, 21.57 percent increase was seen in the manufacturing of cars and jeeps, and 16.65 percent increase has been registered in the production of the motorcycles during the above mentioned period.
Pakistan has seen an increase in car manufacturing but on the other hand, as a result of the extended Eid holidays, Pakistan local car assemblers, including (LCVs, Vans, and Jeeps) sold 13,932 units in July 2016, a decline of 12 percent YoY, the Nation reported.
The top picks of the analyst include PSMC, which will be launching a new model, Celerio (1,000cc category) in the later half of this year, and Indus Motors (INDU), due to continued demand for Corolla.
- Sales of PSMC decreased by 19 percent YoY in Jul 2016 to 7,633 units.
- The taxi units (Ravi and Bolan), sales increased by 36 percent YoY to 6,002 units.
- INDU sold 4,178 units in Jul 2016, declining 2 percent YoY.
- HCAR sold 2,121 units in the outgoing month registering 15 percent YoY increase.
Sales remained active MoM too as they grew by 10 percent, despite less number of working days.