Car sales in Pakistan and the downtrend have been moving parallel for a long. The old players, aka ‘BIG 3’, are also facing bad fate. However, Honda Atlas surpassed its Japanese peers in terms of sales last month.
According to the Pakistan Automotive Manufacturers Association (PAMA) report, Honda Atlas saw a 44% jump in sales, selling 2,188 units last month compared to 1,517 units in February 2024. The company sold 1,994 units of City and Civic and 194 units of BR-V.
Meanwhile, Toyota Pakistan witnessed a 16% decrease in sales, selling 1,705 units last month compared to 2,036 vehicles in February 2024. Whereas Pak Suzuki Motors Company’s sales increased by 16%, selling 4,101 vehicles against 4,885 cars in February 2024.
Coming to the new entrant Hyundai Nishat, the company’s sales increased by 3%, selling 582 units last month compared to 567 units in Feb’24.
Car sales Dropped by 3%
As per the PAMA report, there was a 3% decrease observed in month-on-month (MoM) car sales, with 9,379 units sold in March 2024 compared to 9,709 vehicles in February 2024.
However, in a year-on-year (YoY) analysis, there’s been a slight decrease of 1%. Car manufacturers managed to sell 9,379 cars compared to 9,472 vehicles during the same period last year.
PSMC (Pakistan Suzuki Motor Company) sold 3,373 units of Alto, 320 units of Suzuki Cultus, 136 units of Suzuki Wagon R, 663 units of Suzuki Swift, 183 units of Suzuki Bolan, and 210 units of Suzuki Ravi.
Toyota Indus sold 1,547 units of Corolla, Corolla Cross and Yaris, and 158 units of Fortuner and Hilux. Meanwhile, Honda Atlas sold 1,994 units of City and Civic, and 194 units of BR-V. While Hyundai Nishat sold 92 units of Elantra, 70 units of Sonata, 170 units of Porter, and 250 units of Tucson.
Following the car sales, auto finance in Pakistan also faced a consecutive 21-month slump. Auto loans in Pakistan took a significant dip in March, falling by 24.4 percent compared to the previous year and totaling Rs239 billion. This marks the twenty-first consecutive month of decline, indicating a tightening in consumer financing.
What do you think about the sales trend in the country’s local industry? Drop your thoughts in the comments section.
