Pakistan’s car sales clocked in at 5,816 units in December 2023, down 66 percent year-on-year (YoY) compared to 17,012 units in the same period last year and also down 10 percent month-on-month (MoM).
In 6MFY24 PAMA car sales recorded 39,454 units, down by 53 percent YoY compared to 84,116 units in 6MFY23, according to data by Pakistan Automotive Manufacturers Association (PAMA).
Escalating car prices, expensive auto financing, and the low purchasing power of consumers contributed to the decline in YoY sales, according to Topline Securities.
Indus Motors (INDU) was the worst performer with sales down 76 percent YoY and 28 percent YoY, respectively, in December. During 6MFY24, INDU saw a decline of 61 percent.
Honda Atlas Cars (Pakistan) Limited (HCAR) recorded sales of 901 units, down 57 percent YoY in December and by 11 percent MoM.
Pak Suzuki (PSMC) is the only company that recorded a 7 percent jump in MoM sales due to the low base of last month amid supply-side issues.
Hyundai recorded sales of 304 units, down 43 percent MoM and 52 percent YoY in December 2023. Also, the automaker posted a 27 percent YoY drop in overall sales volume during 6MFY24.
Tractor sales were down 26 percent MoM while up 157 percent YoY in December 2023. In 1HFY24, tractor sales clocked in at 23,411 units up 103 percent YoY primarily due to the low base of last year amid floods.
Bike and three-wheeler sales slid by 21 percent YoY in December and 7 percent MoM to 82,362 units. For the 6 months that ended on December 30th, 2023, overall sales for the category saw a decline of 14 percent.
The figures and reality are opposite. Govt figures of inflation is a sign of giving relief to banks at the cost of people financial status.
Hoping these price gouging companies pack and leave. We ordinary Pakistanis cannot afford their 54it products at exorbitant prices.