Country’s half-beating pulse economic pulse is hitting local car assemblers hard. Closed LCs, series of production cuts and sales slump has got industry in a big trouble. After Pakistan Suzuki Motors Company (PSMC) and Toyota Indus Motors (INDU), Honda Sales comes as another prey – took a massive nosedive in over two years.
As per reports, the company observed a month-on-month (MoM) downtrend of 39% last month, selling 1,636 units, And again, the reason for the fuss is no assembly kits leading to back-to-back production cuts.
Toyota Observed Same
Following Pakistan Suzuki Motor Company (PSMC), Toyota Indus Motors (INDU) sales also marked a new low – posted a slump of 52% (year-on-year). Similarly, monthly sales followed the footprints – the company reported a severe downtrend since June 2020.
Highlighting YoY sales performance, INDU stated that sales are down by 52% in 1HFY23. Coming to monthly sales, the company sold only 1803 vehicles last month. It is the lowest sales trend since COVID-19 shattered the local auto industry.
And the reason for the prevailing sales crisis is again import curbs inflicted by the State Bank of Pakistan. The company’s management revealed that sales would have been better if LCs are allowed.
Pak Suzuki Follows Footprints
PSMC’s sales charts are also facing a big low – sold only 544 Altos last month against 44 units in January 2023. Moreover, Pak Suzuki sold only 978 units in February 2023 – lowest sales in over fifteen years.
Dwindling sales of industry’s ruling car are narrating the never-ending tale of woes and miseries emerging from Pakistan’s auto industry. This is the automaker’s worst performance since the nationwide COVID-19 lockdowns in April 2020, which resulted in zero production and sales.
Moreover, Pak Suzuki sold 2,940 vehicles in January, which is already a 74% decrease in monthly sales. The massive drop was caused by poor sales of the Suzuki Alto, which fell from 6,898 units in December 2022 to 44 units in January 2023.
What do you think about the ongoing dwindling sales trend in auto industry? Share your thoughts in the comments section.
