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JS Securities Limited - JS Research.

Karachi -- August 20, 2019 (PPI-OT)

An ode to 2009: Auto sales drop 43% YoY in Jul-2019

Auto sales (Cars + LCVs) during July declined 43% YoY to 12,278 units, the lowest monthly volumes since Jun-2011.

All three OEM's witnessed massive declines, led by HCAR (-66% YoY), INDU (-56% YoY) and PSMC (-23% YoY). Excluding the discontinued Mehran and its replacement Alto, PSMC's volumes declined 54% YoY.

Although auto sales are cyclical and will bounce back in the future once incomes catch up to the higher prices, we opine that the momentum will be much slower for the 3 assemblers due to the entry of several new car makers.

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Publication:PPI - Pakistan Press International
Date:Aug 20, 2019
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