The tumultuous car sales trend continues, with car sales having slumped once again in December 2022 due to diminished production and demand.
The latest data from Pakistan Automotive Manufacturers Association (PAMA) suggests that carmakers (association members only) collectively sold 16,984 vehicles in December 2022, witnessing a month-over-month (MoM) decrease of 8%, but a year-over-year (YoY) decrease of 38%.
Toyota Indus Motor Company (IMC) sold 2,823 cars, reporting a 13% MoM decrease in sales. Honda Atlas Cars Limited (HACL) sold just 2,079 cars, seeing a 5% MoM increase, while Pak Suzuki Motor Company (PSMC) sold 11,342 cars, observing an 8% MoM decline in sales.
Hyundai Nishat Motors Private Limited (HNMPL) sold 603 units in September, recording a 37% MoM increase in sales. Once again, Tucson remained the company’s best seller.
The monthly sales of some popular cars are as follows:
|Passenger Vehicle Sales
|Passenger Vehicles||Units Sold in November 2022||Units Sold in December 2022||Month-on-Month % Difference|
|Corolla and Yaris||1,933||1,879||-3%|
|Fortuner and Hilux||1,309||944||-28%|
|Civic and City||1,509||981||-35%|
|HR-V & BR-V||464 (No HR-V Sales)||1,098||137%|
The State Bank of Pakistan (SBP) has eased the import sanctions on Completely Knocked Down (CKD) kits for local car assemblers.
In an official notification, SBP stated that it will undo the import restrictions from January 2, 2023. The decision is to allow for the acceptance of import transaction requests already filed with the SBP.
The removal of import sanctions and the reduction of import duties on small cars will enable companies like Pak Suzuki, Kia Lucky, Prince, and other small car makers to reinvigorate their production and sales.