KARACHI (Web Desk) - Sales of domestically assembled vehicles increased by 12% to 257,752 units in 2015-16 mainly due to the easy availability and lower cost of auto financing for the most part of the last fiscal year, it has been reported.
A report put forth by the Pakistan Automotive Manufacturers Association (PAMA) confirms that the automotive industry swelled in fiscal year 2016.
According to a research note issued by Taurus Securities on Wednesday, car sales grew 21% in 2015-16 to 216,568 units. The highest contribution in swell was by Pak Suzuki.
Moreover, within the cars segment, the company’s sales increased by 28% over the year to 126,674 units. Its vehicles, Ravi and Bolan, recorded sales growth of 31% and 27%, respectively mostly due to Punjab government’s Apna Rozgar Taxi Scheme.
Related: Car sales jumped by 38% to 121,934 units in 8 months
As for Indus Motors and Honda Cars, their sales grew by 12% and 9% to 63,977 and 25,726 units, respectively, during the last fiscal year, Express Tribune reported.
Sales of heavy commercial vehicles (HCV) increased 40% to 6,566 units in the last fiscal year, data shows.
In contrast, sales of tractors dropped 26% on an annual basis to 34,618 units due to seasonal down cycle, low farmer income and anticipated subsidy schemes, Taurus Securities said.
“In 2016-17, we expect auto sales would remain close to current levels despite completion of Apna Rozgar Taxi Scheme. We anticipate higher contribution from Honda due to its new Civic model launch and higher tractor sales,” report said.
Observers are of the view that heavy commercial vehicles will add more to the industry due to China-Pakistan Economic Corridor.
Pakistani rupee inches up against US dollar in the open market on 28 March, 2024.
In the open market, the US dollar was being quoted at 278.4 for buying and 281.4 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.4 | 281.4 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.7 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.70 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.