Automobile Assembler: Pakistan Car Sales at ~27k units in May-22 (including Non-PAMA), up 2% MoM – By Topline Research

<p></p><p></p><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pakistan car sales (including sales of Non-PAMA members) clocked in at ~27k units, which is almost flat MoM in May-2022 amid 1) higher car prices, and 2) Eid holidays at the start of month. The same is up by 46% YoY.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We believe economic slowdown, increase in interest rates and further tightening of financing requirements by SBP will significantly impact car sales moving ahead.</span></li></ul><ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Hyundai Nishat posted strong numbers registering an increase of 33% MoM led by increase in sales of Elantra (+148% MoM) and Sonata (+37% MoM).</span></li></ul><p></p>