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.
Commenting on new model launch management stated that these are planned 36-48 months in advance and new variants of all brands such as Yaris etc. will be launched as per plan. Hybrid vehicle launch is also as per initial stated plan and will only face delay due to external circumstances.
Pak Suzuki Sales Breakdown
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.
Pakistan Suzuki Motor Company sold 44 units of Alto, 534 units of Suzuki Cultus, 671 units of Suzuki Wagon R, 504 units of Suzuki Swift, 556 units of Suzuki Bolan, and 628 units of Suzuki Ravi in January.
What do you think about the new decline in car sales? Drop your thoughts in the comments section.
We need to undertake research on whether investors are able to make money wrt car cost some months back vis current prevailing escalated prices. In general, RS Turbo Civic was launched @ 5.7 million and current price is 9.5 Million. Are these being sold or not? Thus survey would conclude actual reasoning for people interest in buying new cars or stoppage of bookings by all companies instead. I also got refund from Honda against my booking of Oriel that too after 10 months due insane escalation by Honda whereas car doesn’t have worth of 8.5 Millions infact.