KARACHI: Toyota regained attention from the potential car lovers by registering 15.6 percent increase in sales during March 2014 while consolidated its market share ahead of launching new model of Corolla likely roll out in July 2014.
Toyota Corolla that was being tarnished during last couple of years due to facing stiff competition from imported used cars was now seemingly emerging again as a valuable asset for its local distributor Indus Motor Company (IMC), which could help it to earn immense revenues by much hyped new Corolla 2014 that was expected to come in Pakistan in July 2014 however the Company has not yet officially disclosed the exact launching date.
According to the latest auto sales figures of the Pakistan Automotive Manufacturer Association (PAMA), IMC sold 26,727 units in the nine months FY14, representing 3.48 percent yearly growth as against 25,826 units in the same period last year. IMC fared better than others, as sales for Honda Atlas Cars (HCAR) and Pakistan Suzuki Motor Company (PSMC) fell by 12 percent and 16 percent on yearly basis respectively.
In wake of recent appreciation of Pakistani rupee against US dollar, IMC took initiative to reduce the car prices that followed by other assemblers and later has helped the Company to sell 15.6 percent more cars in March 2014 to 4,051 units.
Experts anticipated IMC likely to remain a top gainer by the end of 2014, as the new model of Corolla will likely to boost the revenues of the Company.
Moreover, IMC’s market share surged by 5.6 percent on monthly basis to 33 percent in March 2014 while it meagerly reduced by 0.1 percent to 27 percent in nine months of current fiscal. According to industry sources each region in the world receives a version specific to their dynamics and Pakistan will be receiving the model launched in the Middle East. Vehicles have already begun their test assembling and are stored in secret quarters deep within the IMC factory in Karachi, said industry sources.
According to Pakwheels, a local auto website Toyota dealerships are taking orders unofficially of the new Corolla with deposits depending on the dealerships themselves. The point of these bookings is simply to be in the queue of receiving delivery of the new Corolla when IMC officially starts booking and deliveries in August 2014, added Pakwheels report.
Own money or premium money likely to be charged by the secondary dealers taking undue advantage of the car lovers’ excitement. Indus Motors for the new Corolla to the Pakistani buyers will start booking and deliveries in August.
PSMC the market leader with 56 percent share remained almost stable at 55,514 units during nine months FY14 compared to 55,428 units in the last year. However, on monthly basis, PSMC sales declined to 5,992 units in March 2014, down 13.7 percent MoM and 15.6 percent YoY.
HCAR with 17 percent share registered 13.8 percent yearly increase to 16,792 units in nine months of FY14. During March 2014, sales of HCAR decreased by 11.7 percent MoM to 1,971 units. Moreover, volumes declined by 11.5 percent YoY from 2,228 units in March 2013.
KARACHI: Commercial banks are reluctant to boost house financing through lending as their gross ...