ISLAMABAD, May 13 (APP):The automobile industry sales have exhibited 23.29 per cent growth, reaching 1,54,732
production of units during first eight months of this fiscal year.
The production of jeep and cars during the same period of last year 2016-17
was 125,503 units.
Official statistics on Sunday showed that tractors sales growth during period of this
year recorded at 39.5 per cent, buses and trucks 15.4 per cent and motorcycles and three
wheelers 17.7 per cent.
In light of on-going infrastructural undertakings in the
country, the auto sector looks primed for another healthy performance
while imposition of regulatory duties on automobile sector is
expected to create a favorable situation during the year as it may
further enhance domestic production.
Moreover, the data showed that automobile sector also recorded
19.58 per cent growth in first eight months of this year and its sub
sectors such as tractors 44.68 per cent, trucks 24.41 per cent, jeeps
and cars 23.29 per cent, LCVs 19.73 per cent and motorcycles 14.15
During the period, buses posted a negative growth of
39.35 per cent. The sector will gain more growth due to entry of
new variants such as Hyundai, Renault, Nissan, coupled with rapidly
growing ride hailing services like Careem and Uber.
In addition the strong demand for automobile arrived as
rising income levels, together with low interest rates led to a
significant boom in auto financing.
Recently, Prime Minister attended ground breaking of
Hyundai-Nissan vehicle assembly plant in Faisalabad. In addition,
Nishat Mills offered 18 per cent stake to Millat tractors in its
car venture, while Renault signed new agreement to assemble cars in
partnership with Al-Futtaim, a Gulf-based business dealing with automobile sector.
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