Sales of locally produced cars, especially of smaller engine capacities, have taken a nosedive in November 2018.
Cars below of under 1,000cc saw a major decline in sales last month mainly due to a hike in prices and government’s crackdown against non-filers.
Country’s deteriorating economic situation is also considered to be one of the reasons behind this dip in sales.
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As per Pakistan Automotive Manufacturers Association (PAMA) report, sales of 800cc to 1000cc cars dropped by as much as 25% year-over-year and 37% on a month-on-month basis in November.
The overall automobile sales for the month dropped to 17,442 units which is a 17% drop year-on-year and a 30% drop on a month-over-month basis as compared to October’s sale of 24.850 units.
Market experts believe that the fluctuating value of the dollar and the uncertain economic situation in the country on top of the hike in the interest rate from the SBP have clubbed together to discourage the buyers.
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Here is a breakdown of sales for major automotive companies:
Pak Suzuki, the largest seller of low-end cars, registered a 36.3% decline in sales last month with 13,346 units.
The company which caters 50% of the country’s market saw a drop to 8,511 units in November against 11,285 units in the corresponding period of last year.
Indus Motors also recorded a year-over-year decline in sales of 7% to 5,479 units and 15% drop on a monthly basis.
Honda was no exception either:
Others
Truck Sales have also dropped by almost half in one month due to the same reasons.
Massey Ferguson sold just 1915 units in November as compared to the 3816 units that it sold in October.
Fiat sold 1750 units of tractors last month as compared to the 2515 units that the company managed to sell a month before that.
Overall, a total of 3750 tractor units were sold in November, down from 6348 units in October.