Tag: sales decline

  • Apple’s iPhone sales decline by 24% in China, while Huawei’s sales surge

    Apple’s iPhone sales decline by 24% in China, while Huawei’s sales surge

    In the first six weeks of 2024, Apple experienced a significant downturn in iPhone sales in China, facing a 24 per cent year-on-year decrease, according to a report by research firm Counterpoint.

    The decline was attributed to heightened competition from local rivals, notably Huawei, which witnessed a remarkable 64 per cent increase in unit sales during the same period.

    Apple, once holding the second position in the Chinese smartphone market in 2023 with a 19 per cent market share, now finds itself in fourth place with a reduced share of 15.7 per cent.

    On the other hand, Huawei climbed to second place, expanding its market share from 9.4 per cent to 16.5 per cent year-over-year.

    Counterpoint’s senior analyst, Mengmeng Zhang, explained the dynamics, stating that Apple faced formidable competition from a resurgent Huawei at the high end while also encountering pricing pressures from domestic brands like OPPO, Vivo, and Xiaomi in the middle segment.

    To counteract the decline, Apple initiated measures such as subsidising certain iPhone models by up to 1,300 yuan ($180.68) through flagship stores on Tmall, Alibaba’s major marketplace platform.

    Earlier, the company had offered discounts of up to 500 yuan on its official sites.

    Huawei’s resurgence in premium smartphone sales was attributed to the successful release of its Mate 60 series in August.

    Overcoming years of challenges posed by US restrictions on key component exports, Huawei managed to reclaim its position in the market.

    Additionally, Honour, the smartphone brand that separated from Huawei in 2020, witnessed a 2 per cent increase in unit sales, making it the only other top-five brand to experience growth in the first six weeks of the year.

    Contrastingly, Chinese brands Vivo, Xiaomi, and Oppo faced declines of 15 per cent, 7 per cent, and 29 per cent, respectively, highlighting the fiercely competitive landscape in the Chinese smartphone market.

    Overall, the report indicates a 7 per cent shrinkage in the country’s smartphone market during this period.

  • Govt surpasses petroleum levy collection targets despite declining sales

    Govt surpasses petroleum levy collection targets despite declining sales

    In the first six months of fiscal year 2023–24, the federal government has exceeded expectations by collecting Rs472.77 billion in petroleum levy (PL), constituting an impressive 54 per cent of the total budgetary estimates for PL on petroleum products for the current fiscal year.

    This collection marks a significant uptick, registering a remarkable 166 per cent increase compared to the same period in the previous fiscal year. The government achieved a substantial PL collection of Rs222 billion in the initial three months of the current fiscal year.

    Originally budgeted at Rs869 billion for PL collection in the fiscal year 2023–24, the government revised its target to Rs918 billion following an increase in PL from Rs50 to Rs60 per litre on petrol and high-speed diesel (HSD). This adjustment aligns with the government’s commitment to the International Monetary Fund (IMF).

    However, against this backdrop of successful revenue generation, the country witnessed a notable 15 per cent decline in the sales of petroleum products in the first six months of the current financial year.

    According to the Oil Companies Advisory Council (OCAC), petroleum product sales dropped to 7.68 million tonnes, a considerable decrease from the 9.03 million tonnes recorded during the same period in the previous fiscal year (July to December).

  • Honda Civic sales in Pakistan drop by 72.36%

    Honda Civic sales in Pakistan drop by 72.36%

    Sedan car sales experienced a significant downturn, particularly notable in Honda Civic sales, which suffered a substantial decline of 67.33 per cent in October 2023 on a month-over-month basis and 72.36 per cent on a year-over-year basis in Pakistan. 

    This decline can be attributed to production interruptions, elevated car prices, and a reduction in car financing. 

    Specifically, Honda Atlas Cars Limited reported the sale of only 379 Civic units in October 2023, a notable drop from the 1371 units sold in October 2022.

    In contrast, Toyota Corolla sales exhibited a relatively better performance, with a 24.19 per cent decrease on a month-over-month basis and a 56.69 per cent decrease on a year-over-year basis in Pakistan. 

    To provide precise figures, Toyota Indus Motor Company sold 796 Corolla units in October 2023, as opposed to the 1838 units sold in October 2022.

  • Toyota IMC records worst sales in three years, selling less than 2,000 cars in February

    Toyota IMC records worst sales in three years, selling less than 2,000 cars in February

    Toyota Indus Motor Company (IMC), a leading automaker renowned for offering the country’s best-selling sedan, has reported a significant decline in sales in February 2023, marking the worst sales month since the onset of the Covid-19 pandemic.

    Having previously sold over 7,100 units in March 2022, the company’s sales have now plummeted to a meager 1,803 vehicles in February 2023, according to Autojournal.

    It is pertinent to note that this represents the lowest sales figures for Toyota in the past three years, since the outbreak of the Covid-19 pandemic and subsequent lockdowns.

    Toyota is not the only company experiencing this phenomenon, as Pak Suzuki Motor Company has also reported a massive decline in sales, selling only 544 units in February 2023, despite having sold over 6,000 units of Suzuki Alto in a single month previously.

    Pakistan’s auto industry is currently facing significant challenges due to production halts, resulting from a lack of availability of auto parts and restrictions on imports.

    As a result, car manufacturers are facing difficulties in meeting consumer demands, leading to decreased sales figures for many companies, including Toyota and Suzuki.