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Car Sales Reach 3-Year-Low as Toyota, Honda, and Suzuki Fall Flat

The car industry decline continues, with sales having slumped once again last month due to diminished production and demand.

The latest data from Pakistan Automotive Manufacturers Association (PAMA) suggests that carmakers (association members only) collectively sold just 5,762 vehicles in February 2023, witnessing a month-over-month (MoM) decrease of 47%, but a year-over-year (YoY) decrease of 73%.

Toyota Indus Motor Company (IMC) sold 1,803 cars, reporting a 49% MoM decline in sales. Honda Atlas Cars Limited (HACL) sold 1,636 cars, seeing a 39% MoM decline, while Pak Suzuki Motor Company (PSMC) sold a shockingly low 978 cars, observing a massive decline of 67% in monthly sales.

Hyundai Nishat Motors Private Limited (HNMPL) sold a respectable 1,271 units last month, recording an 11% MoM increase in sales. Once again, Tucson remained the company’s front-runner.

The monthly sales of some popular cars are as follows:

Passenger Vehicle Sales
Passenger Vehicles Units Sold in January 2023 Units Sold in February 2023 Month-on-Month % Difference
PSMC
Cultus 543 72 -87%
Alto 44 544 1136%
Wagon R 671 93 -86%
Bolan 556 91 -84%
Swift 504 67 -87%
Toyota IMC
Corolla and Yaris 1,719 1,091 -37%
Fortuner and Hilux 1,851 712 -62%
Honda Atlas
Civic and City 1,620 1,244 -23%
HR-V & BR-V 1,084 392 -64%
Hyundai Nishat
Tucson 620 708 14%
Elantra 173 243 40%
Sonata 191 197 3%

 

The local currency instability and tax hikes have forced the car industry to increase prices. Recently, various major carmakers including Kia, Peugeot, Toyota, Haval, etc. increased the prices of their vehicles by considerable margins, with other carmakers to follow soon.

This will likely take a toll on car demand and sales further.


  • Car companies are increaing prices too much and it is way hight price then actual cost of car and there is no comfort level of most of cars.
    Apart from inflation that is also one reason people are not purchasing new cars.


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