Toyota Fortuner sees 105% increase in Sales, Yaris Sales Down

December 14, 2020

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Pakistan’s Auto Vehicles reported positive monthly growth once again, increasing by massive 48% YoY in the month of November-2020. However, as compared to last month, sales were up by only 3%. This takes July-November’2020 Sales growth to 19% YoY. Company-wise Indus Toyota and Honda Atlas Car volumes increased by 87% and 72% YoY while Pak Suzuki Motors sales growth turned positive this month, marking a growth of 16% YoY.

1300cc+ segment shines: Toyota Yaris was the primary driver of growth in 1300cc segment due to its relatively low price and new vehicle novelty factor while City/Civic sales also rebounded.

Growth-wise, Indus Toyota remained at the front as sales skyrocketed by 87% YoY which resulted in the company’s market share at 34% in November-2020. A total of 2,338 units of Yaris were sold during November-2020, depicting a decline of 24% from last month.

As per the company’s estimate, Yaris presently comprises more than 50% of the company’s Sales order book. An Increase was also witnessed in Fortuner and Hilux as they grew by 105% and 83% YoY. Improved farmer liquidity is presently playing a strong role in the growth of these models. The company’s volumes are expected to continue their upward trend due to Yaris being the preferred vehicle among its competition, availability of an upgraded version of Corolla January onwards, and improving farmer liquidity/macroeconomics boosting the demand for Hilux/Fortuner.

Honda’s sales jumped by 72% YoY but remained flat on a MoM basis. Civic&City continued their upwards trend, Increasing by 94% YoY in Nov’20. While BR-V flopped during the month as sales volume dropped by 35/60% YoY/MoM.

Honda is expected to face tough competition going onwards, as Yaris and Sportage Alpha both being new products and attractively priced and no update on new models of City and Civic would restrict overall growth.

Recovery for Pak Suzuki: PSMC reported a sales growth of 16% YoY in November-2020 after 12 months of continuous decline. Cultus was the main contributor to the company’s growth as its sales volume jumped by 66% YoY while WagonR provided support as it grew by 37% YoY. Bolan/Ravi also depicted a growth of 24/79% YoY likely due to an increase in economic activity. However, the company’s flagship Model Alto declined by 8% YoY which raises doubt over its future. Swift witnessed a natural decline of 38% YoY as the company plans to retire the model by the end of FY21. We expect the company to report a sequential incline going forward.

Overall Sales volume in the month of November were satisfactory as they reflect recovery in the economy. Low Interest rate along with improving macro economic factors would increase demand, however high car prices and new competition would keep the demand for existing car models in check.

PASSENGER CARS
1300cc and Above	Nov’19	Cumulative 2019	Nov’2020	Cumulative 2020
Honda Cars (Civic & City)	1,074	6,032	2,088	10,429
Suzuki Swift	184	859	114	924
Toyota Corolla	2,172	9,657	1,704	6,632
Toyota Yaris	–	–	2,338	11,405
Sub-Total	3,430	16,548	6,244	29,390

1000 cc
Suzuki Cultus	914	5,691	1,517	5,596
Suzuki WagonR	641	3,339	881	4,539
Sub-Total	1,555	9,030	2,398	10,135

Below 1000cc
Suzuki Mehran	128	1,622	–	–
Suzuki Bolan	444	1,949	549	2,987
Suzuki Alto	2,967	19,958	2,723	13,267
Sub-Total	3,539	23,529	3,272	16,254

TOTAL CARS	8,524	49,107	11,914	55,779


TRUCKS
	Nov’19	Cumulative 2019	Nov’2020	Cumulative 2020
HINO	101	626	75	256
MASTER	54	183	58	353
ISUZU	252	631	110	678
JAC	0	10	12	72
TOTAL TRUCKS	407	1,450	255	1,359

		BUSES
HINO	39	146	15	87
MASTER	23	83	17	104
ISUZU	56	83	28	55
TOTAL BUSES	118	312	60	246

TOTAL TRUCKS & BUSES	525	1762	315	1605

LCVS, VANS & JEEPS
	Nov’2019	Cumulative 2019	Nov’2020	Cumulative 2020
JEEPS (4X4)
TOYOTA Fortuner	109	476	349	978
HYUNDAI Tucson	–	–	371	819
HONDA BR-V	229	1,106	149	1,473
Suzuki Ravi	568	2,548	1,019	3,029
Toyota Hilux	359	1,710	551	3,123
JAC	30	197	76	242
D-Max	15	250	3	121
Hyundai Porter	–	–	101	434
FARM TRACTORS
	Nov’2019	Cumulative 2019	Nov’2020	Cumulative 2020
Fiat	418	5,741	903	5,853
Massey Ferguson	1,400	8,223	2,331	12,563
Orient IMT Tractor	7	117		29
TOTAL TRACTORS	1,825	14,081	3,234	18,445

MOTORCYCLES & THREE-WHEELERS
	Nov’19	Cumulative 2019	Nov’2020	Cumulative 2020
Honda	95,009	430,143	108,005	512,010
DYL Motorcycles	122	487		–
Suzuki	2,050	8,967	2,091	8,719
Qingqi Three-	1,263	4,587	1,543	8,383
Ravi	2,397	7,686		2,352
Sazgar Three	676	4,177	806	6,030
YAMAHA	2,004	10,711	1,910	8,733
Road Prince	11,094	53,889	16,375	67,474
Road Prince -Three Wheeler	947	3,406	564	4,656
United Auto	30,407	144,294	36,429	170,549
United Auto Three Wheeler	404	2,952	387	3,339