Automobile production grew by 19.58 %: Economic Survey

ISLAMABAD, April 26 (APP):Automobile sector recorded a growth at 19.58 percent in July-February Fiscal Year 2018 and its sub sector such as tractors 44.68 percent, trucks 24.41percent, jeeps and cars 23.29 percent, LCVs 19.73 percent and motor cycles 14.15 percent.
According the Economic Survey 2017-18, during the period from July-February 2018, buses production posted a negative growth of 39.35 percent.
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, it added.
The automobile industry sales during the first eight months (July to February) of fiscal year 2017-18 exhibited 23 percent growth. Tractors sales during the period recorded at 39.5 percent, buses and trucks15.4 percent and motorcycles and three wheelers 17.7 percent.
In light of ongoing infrastructural undertakings in the country, the auto sector looks primed for another healthy performance. The imposition of regulatory duties on the automobile sector is expected to create a favorable situation during the year as it may further enhance domestic production.