Vehicle sales plunged in July 2022 due to production cuts from major automakers, record inflation, and massive taxes.
As per the latest data from Pakistan Automotive Manufacturers Association (PAMA), carmakers (PAMA members only) collectively sold 11,837 vehicles last month, witnessing a month-over-month (MoM) decrease of a massive 58 percent.
Toyota Indus Motor Company (IMC) sold 2,408 cars, reporting a 62 percent MoM decline in sales. Honda Atlas Cars Limited (HACL) performed relatively better by selling 2,537 cars with a 37 percent MoM decrease, while Pak Suzuki Motor Company (PSMC) sold 6,679 cars with a 58 percent increase in sales.
Hyundai Nishat Motors Private Limited (HNMPL) sold 213 units, recording an 89 percent MoM decline in sales. Elantra and Sonata remained the worst cars in terms of sales as Hyundai failed to sell even a single unit of both cars.
The monthly sales of some popular cars are as follows:
|Passenger Vehicle Sales
|Passenger Vehicles||Units Sold in June 2022||Units Sold in July 2022||Month on Month %age Difference|
Automakers and analysts predicted a slump in sales due to price hikes, citing rising shipping costs, raw material costs, fuel costs, and local currency depreciation.
Some experts reckon that the sales will remain strong up until September 2022. However, the early slump is due to automakers observing non-production days (NPDs). All automakers are expecting a massive decline in demand in days to come due to crippling inflation, price hikes, and major delivery delays.