A topsy-turvy year for carmakers
A topsy-turvy year for carmakers
Year 2020 was a topsy-turvy ride for the automobile sector ranging from high interest rates and declining demand to low rates and growing appetite.
Since 2019, the auto sector had been moving south in all segments - cars, tractors, two-wheelers, trucks and buses - with a hefty increase in cost of doing business resulting in price hike, said Pakistan Association of Automotive Parts and Accessories Manufacturers’ (Paapam) former chairman Mashood Ali Khan.
“In 2020, we were hit by the unexpected pandemic, forcing the manufacturers to completely shut down,” said Khan. “The impact was huge. Our supply chain, sales forecast, procurement and finances of all companies were deeply affected. Hefty losses were incurred by the entire industry.”
Car Sales Record a 48% YoY Increase in November 2020 propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
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.
Car sales grow 48% in November 2020 | The Express Tribune tribune.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribune.com.pk Daily Mail and Mail on Sunday newspapers.
IMC partners with UNAP
December 12, 2020
KARACHI: Indus Motor Company (IMC) recently signed a memorandum of understanding (MoU) with the United Nations Association of Pakistan (UNAP) for Toyota 5S Ecological Conservation Program, a statement said on Friday.
The MoU was signed electronically by IMC CEO Ali Asghar Jamali and UNAP President Moohi Shaheen, it added.
Under the terms, UNAP will train around 50,000 students across the country, with the objective of creating awareness on the importance of environmental protection through Toyota’s world renowned 5S Philosophy.
Owing to the COVID-19 outbreak, to ensure safety of all concerned, the sessions will be held online through webinars, it said.