Despite frequent production cuts and price hikes, the car industry has seen a small rise in sales.
According to the latest data from Pakistan Automotive Manufacturers Association (PAMA), carmakers (association members only) collectively sold just 9,351 vehicles in March 2023, witnessing a month-over-month (MoM) increase of 54%, but a year-over-year (YoY) decrease of 66%.
Toyota Indus Motor Company (IMC) sold 1,912 cars, reporting a 6% MoM increase in sales. Honda Atlas Cars Limited (HACL) sold 835 cars, seeing a 49% MoM decline, while Pak Suzuki Motor Company (PSMC) sold a respectable 5,628 cars, observing a massive increase of 475% in monthly sales.
Hyundai Nishat Motors Private Limited (HNMPL) sold 836 cars last month, recording a 34% MoM decrease 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 February 2023 | Units Sold in March 2023 | Month-on-Month % Difference |
| PSMC | |||
| Cultus | 72 | 475 | 560% |
| Alto | 544 | 2,542 | 367% |
| Wagon R | 93 | 489 | 462% |
| Bolan | 91 | 782 | 759% |
| Swift | 67 | 877 | 1,209% |
| Toyota IMC | |||
| Corolla and Yaris | 1,091 | 1,119 | 3% |
| Fortuner and Hilux | 712 | 793 | 11% |
| Honda Atlas | |||
| Civic and City | 1,244 | 611 | -51% |
| HR-V & BR-V | 392 | 224 | -43% |
| Hyundai Nishat | |||
| Tucson | 708 | 380 | -46% |
| Elantra | 243 | 188 | -23% |
| Sonata | 197 | 118 | -40% |
The local currency instability and tax hikes have forced the car industry to increase prices. Recently, various major carmakers including Honda, Suzuki, etc. increased the prices of their vehicles by considerable margins, with other carmakers to follow soon.
With this outlook, the car industry’s fate future seems bleak for the foreseeable future.
