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Car Sales Increased by 12% in April 2024: PAMA

Pakistan Automobile Manufacturers Association’s (PAMA) recent report has revealed a 12% increase in car sales during April 2024.

According to PAMA, car sales reached 10,500 units last month, marking a 12% rise from March 2024 and an impressive 135% surge compared to the same period last year.

The month-on-month (MoM) boost in car sales is thanks to Pak Suzuki’s (PSMC) higher sales. Particularly, PSMC’s Alto witnessed a remarkable 64% increase compared to March 2024, selling 4,786 units in April 2024, the highest sales in the past 15 months.

The significant year-on-year (YoY) increase in car sales is attributed to a low base from last year amid plant shutdowns. Indus Motors (INDU) reported a 21% MoM increase, selling 2,065 vehicles, while Hyundai Nishat Motor observed an 18% MoM rise, reaching 686 units in April 2024.

However, Honda Atlas Cars (HCAR) faced a 54% MoM decline to 1,003 units in April 2024. Nevertheless, HCAR experienced substantial growth of 385% YoY, primarily due to the low base effect resulting from plant shutdowns during the same period last year.

Sagar Engineering’s (SAZEW) Haval recorded sales of 544 units, marking an 8% increase compared to the previous month and an impressive 8.9x growth compared to the same period last year.

Overall, total PAMA car sales for the first ten months of FY24 amounted to 79,575 units, reflecting a significant 31% year-on-year decrease compared to 115,381 units in the same period last fiscal year (10MFY23).

The decline is mainly attributed to rising car prices, expensive auto financing, and reduced consumer purchasing power, contributing to the decrease in year-on-year sales.

Pakistan’s motorcycle sales surged by 15% month-on-month and 31% year-on-year to reach 107,590 units in April 2024.

Atlas Honda (ATLH) led the pack with sales of 95,000 units, marking a 19% increase month-on-month and a 29% jump year-on-year. Despite this growth, the total industry sales for the first ten months of FY24 stood at 941,000 units, reflecting a 6% decline.

This decrease is attributed to higher bike prices and the reduced purchasing power of consumers.

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Published by
Arsalan Khattak