Atlas Honda prices rise for fourth time in 2021
Bike segment registering strong demand due to drastic cut in financing cost
PHOTO: FILE
KARACHI:
Taking advantage of soaring motorbike demand, Atlas Honda has hiked prices of its bikes for the fourth time in 2021.
“Despite bearing a low import cost on the back of appreciation of the rupee against the dollar, Atlas Honda has increased prices of motorcycles by Rs1,600-3,000,” said Association of Pakistan Motorcycle Assemblers (APMA) Chairman Muhammad Sabir Shaikh.
Topline Securities’ analyst Fawad Basir said that the bike market had strong demand due to a drastic reduction in interest rate by the central bank. Citing figures, he said sales of Atlas Honda grew 25% in the first nine months of current fiscal year on a year-on-year basis. “A massive proportion of bikes in Pakistan are sold on bank financing,” he said.
2021 - a historic year for new car models
For the first time, over 15 new cars will be launched in a year
In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. PHOTO: FILE
KARACHI:
Pakistan’s auto sector is on a path of handsome recovery as it will launch the largest number of new cars in a year in 2021.
“It is for the first time in the history of Pakistan that more than 15 new cars are being launched across the country in a single year,” said Arif Habib Limited analyst Arsalan Hanif in comments to The Express Tribune on Tuesday. “We expect the auto sector to outperform this year for a few reasons.”
New cars set to enter auto sector of Pakistan
Lucky Motors plans to launch Kia Sorento model
The Sorento model by KIA is a seven-seater SUV that will be available in three variants and seven colours. PHOTO: EXPRESS
KARACHI:
Lucky Motors is planning to launch Kia Sorento model to give competition to Toyota’s Fortuner variant.
According to a report released by Arif Habib Limited (AHL) on Monday, the company will launch the variant on February 19, 2021. The market also expects the car company to introduce another model called Cerato by June 2021.
Pakistan introduced an automobile policy in 2016 to attract new players to the country in a bid to deepen competition among automobile firms and to offer latest technology to customers.
Honda Atlas Cars Pakistan reported a profit of Rs751.8 million for the third quarter ended December 31, 2020 against a loss of Rs41.3 million in the same quarter of previous fiscal year.
Car sales rise 15% in December
Automakers sold 13,870 units in month vs 12,069 units in Dec 2019
Despite a month-on-month decrease in sales of automobiles in December 2020, the sector recorded a jump in demand on a year-on-year basis.
According to figures released by the Pakistan Automotive Manufacturers Association (PAMA) on Monday, sales of automobiles rose 15% to 13,870 units in December 2020 compared to 12,069 units in the same month of 2019.
“If we include sales of KIA Lucky Motor Corporation, which is not a member of PAMA, the number stands at around 20% on a year-on-year basis,” Topline Research said in a report.
Arif Habib Limited analyst Arsalan Hanif said Toyota Yaris had not been released in Pakistan during the corresponding month of 2019 and if its sales figures were excluded, then not much growth would be reflected in automobile sales.