The first month of the current fiscal year started with depressed sales of locally assembled vehicles.
Honda Civic and Honda City sales plunged to 631 and 874 units in July 2014 from 800 and 1,162 units in the same period last year. Only 262 units of Suzuki Swift were sold as compared to 440 units.
Toyota Corolla sales also dropped sharply to 673 units from 2,368 units, as buyers hold their purchase for new model of Toyota Corolla.
Suzuki Cultus sales stood at 807 units as compared to 1,225 units in July 2013 while sales of 364 units of the newly launched Wagon R were recorded last month.
Suzuki Mehran sales remained flat with 1,475 units as against 2,299 units in July last year followed by drop in Suzuki Bolan sales to 817 units from 989 units.
Mohammad Tahir Saeed of Top Line Securities said decline in sales was expected due to abnormal sales in June, due to increase in advance motor vehicle tax and imposition of advance income tax on transfer of motor vehicle in Federal Budget FY15.
Further, anticipated new ‘Corolla’ model and less trading days due to Ramadan were among other factors contributed to historic low sales.
He said monthly sales are at 67 months low. However, tractor industry sales improved in July 2014 to 2,767 units (Fiat 1,056 units and Massery Ferguson 1,703 units) from 1,302 units (Fiat 578 units and Massey Ferguson 724 units) in July 2013.