Car Sales Falls to 3-year low – Report
As expected, the ongoing economic disaster and closed LCs leading to production shutdowns has further shattered the already dwindling car sales. The incumbent government carries no coercive and well-thought plan to repair the damage the prevailing economic breakdown has done to the local auto industry. Resultantly, assembly plants of various car companies are observing lockdown in the country.
As per Pakistan Automotive Manufacturers Association (PAMA) report, month-on-month (MoM) car sales marks a new downtrend – decreased by 47%, selling 5,762 vehicles in February 2023. The episode narrating a series of never tale or woes and miseries never ends here – year-on-year (YoY) sales witnessed a decline of whopping 73%.
Company-Wise Sales Breakdown
Toyota Indus Motors (INDU) month-on-month (MoM) sales observed a downturn of 49%. The company sold 1,803 units in February against 3,570 units in January.
Meanwhile, Honda Atlas (HCAR) car sales also marked a new low – dropped by 39%, selling 1,636 units in February compared to 2,704 units in December. (MoM decline: 39)
Pak Suzuki Motors Company (PSMC) surpassed its Japanese peers in terms of a decline in sales – 67%. The company sold 978 cars last month, contra 2,945 cars in January. (MoM decline: 67%)
The new entrant, dubbed Hyundai Nishat witnessed a slight jump of 11% selling 1,271 units last month compared to 1,140 units in Jan’22. (MoM growth: 11%)
It is related to mention that all other car companies, Kia Lucky Motors, Master Changan Motors, Regal Motors, MG Motors, and Al-Haj Proton, are not PAMA members. Their sales numbers are not included in the report.
Car-Wise Sales Breakdown
Pakistan Suzuki Motor Company sold 544 units of Alto, 72 units of Suzuki Cultus, 93 units of Suzuki Wagon R, 67 units of Suzuki Swift, 91 units of Suzuki Bolan, and 111 units of Suzuki Ravi.
Toyota Indus sold 1,091 units of Corolla and Yaris and 712 units of Fortuner and Hilux.
Honda Atlas sold 1,244 units of Civic and City and 392 units of BR-V and HR-V.
Hyundai Nishat sold 243 units of Elantra, 197 units of Sonata, 123 units of Porter, and 708 units of Tucson.
Here is the MoM comparison of all the above sales