Suzuki Suffers Huge Sales Drop With Toyota, Honda, and Hyundai’s Increase Massively

The car industry decline continues, with sales having slumped once again in January 2023 due to diminished production and demand.

The latest data from Pakistan Automotive Manufacturers Association (PAMA) suggests that carmakers (association members only) collectively sold just 10,867 vehicles in January 2023, witnessing a month-over-month (MoM) decrease of 36%, but a year-over-year (YoY) decrease of 47%.

Toyota Indus Motor Company (IMC) sold 3,570 cars, reporting a 26% MoM increase in sales. Honda Atlas Cars Limited (HACL) sold 2,704 cars, seeing a 33% MoM increase, while Pak Suzuki Motor Company (PSMC) sold 2,946 cars, observing a massive decline of 74% in monthly sales.

Hyundai Nishat Motors Private Limited (HNMPL) sold a respectable 1,143 units last month, recording an 81% MoM increase in sales. Once again, Tucson remained the company’s front-runner.

The monthly sales of some popular cars are as follows:

The local car industry has warned the government that it’s on the brink of extinction. Earlier this month, PAMA and the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) sent a joint letter to the State Bank of Pakistan (SBP) Governor Jameel Ahmed.

The letter stated that the industry is suffering due to SBP’s restrictions and banks’ lack of cooperation. As a result, factories are facing intermittent closures while assemblers and vendors are laying off workers.

The letter warned that if corrective measures are not taken, this scenario will result in massive unemployment, government revenue loss, auto assembly plant closures, and capital loss.

Citing these facts, both associations urged the SBP governor to abolish the import restrictions to ensure the auto sector’s survival.

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