Lahore - The fiscal year, 2016-17, has started off on a gloomy note with auto sales declining by more than 12 percent in the first month of this fiscal year.
The data shows that sales of cars and LCVs witnessed a decline of 12 percent YoY in July 2016, with Pak Suzuki Motor (PSMC) sales falling by 19 percent YoY, owing to the absence of concessionary cab scheme that was available last year. According to the data, sales of Indus Motor Company (INDU) and Honda Atlas Cars (HCAR) experienced respective 2 percent YoY and 3 percent YoY decline ahead of the launch of Honda's new Civic model.
Ghandhara Nissan (GHNL, +50 percent YoY), Ghandhara Industries (GHNI, +304 percent YoY) and Hinopak Motors (HINO, +100 percent YoY) continued to post impressive growths in their units sales during the month. Experts believe 2017 can potentially be an exciting year for the sector, as whenever new model is launched, income levels will improve and record low interest rates can fuel demand for automobiles.