KARACHI: The last fiscal year (FY21) turned out to be a massive recovery period for the auto sector amid the ongoing Covid-19 pandemic as car sales soared by 56.7 per cent, followed by 19.7pc increase in trucks, 16.6pc in buses, 227pc in jeeps, 57pc in pickups, 55pc in tractors and 39pc in two- and three-wheelers.
The entire auto sector remained bearish from March to May 2020 due to the Covid-19 restrictions including a countrywide locked down in April.
Buying interest among consumers revived after the reopening of markets in June 2020 and since then, there has been no looking back for the sector.
A paltry decline in November sales compared to October and rising prices in the past few months on exchange rate parity did not affect car sales which increased by 13.6 per cent to 55,779 units in 5MFY21. Reuters/File
KARACHI: A paltry decline in November sales compared to October and rising prices in the past few months on exchange rate parity did not affect car sales which increased by 13.6 per cent to 55,779 units in 5MFY21.
Sales in Nov this year stood at 11,914 units versus 11,997 units in Oct. Car sales in Nov 2019 were much lower at 8,524 units. Low interest rates and improving economic activities can also be attributed in luring buyers towards new cars.