The auto industry in Pakistan saw its car sales decline with a whopping 26% drop in sales for October 2019 compared to 2018.
The total sales for the first four months of the current fiscal sales dropped 46% when compared to the same period last year.
According to experts, some of the major reasons for this trend is due to the government’s recent measures to document the economy, increase in auto prices due to post rupee devaluation, hiked interest rates for auto financing and overall economic slowdown.
|October 2019||October 2018||Y-o-Y||October 2019||September 2019||MoM|
Surprisingly, Toyota saw its sales increase by 18% when compared to September 2019 due to a rise in the sales of its Corolla and Hilux models by 10% and 86% respectively. According to experts, this was due to the company collaborating with banks to offer waiver schemes. Unfortunately, the company still saw a fall in sales on a yearly basis with a 61% decrease compared to October 2018.
Honda too saw the highest monthly fall in sales for the last 7 years with sales plunging by 72% in October 2019. Sales of City and Civic fell by a substantial 77% due to an increase in their prices. BR-V also saw a decline of 33% but saw an increase on a monthly basis.
Pak Suzuki also posted a record decline with a 48% fall in October 2019 when compared to the same period last year –their lowest in 7 years. Wagon-R and Cultus saw their sales fall by 84% and 51% respectively likely due to the newly-introduced Kia Picanto and 660CC Alto.