Car Sales Increased 15% Year-on-Year in August 2024

Pakistan’s auto industry continued its upward trajectory in August 2024, with car sales experiencing a robust 15% year-on-year (YoY) increase. This growth was driven by a combination of new model launches and a lower base effect from the previous year.

According to data released by the Pakistan Automotive Manufacturers Association (PAMA), total car sales in August reached 8,699 units, up from 7,579 units in the same month last year.

This brought the cumulative sales for the first eight months of the fiscal year (2MFY25) to 17,288 units, a significant 36% YoY increase.

According to the report, Sazgar Engineering (SAZEW) continued to lead the pack with a remarkable 606% YoY growth in sales, reaching 953 units in August.

Honda Atlas Cars (HCAR) sales surged 70% YoY to 1,148 units, driven by strong demand for its Corolla, Yaris, and Corolla Cross models.

Furthermore, Indus Motor Company (INDU) also reported a healthy 38% YoY increase in sales, reaching 2,129 units. Hyundai Nishat Motor (HNM) experienced a slight decline of 24% YoY in August but saw a 12% month-on-month (MoM) improvement.

Moreover, Pakistan Suzuki Motor Company (PSMC) sales fell by 14% YoY to 3,653 units.

Motorcycle and three-wheeler sales surged in August 2024, showing an 18% year-on-year (YoY) increase and a 23% rise month-on-month (MoM), with 104,234 units sold. Atlas Honda (ATLH) led the segment with 90,500 units sold, reflecting a significant growth of 21% YoY and 29% MoM.

In the tractor segment, Millat Tractors (MTL) reported a drop in sales, with 1,218 units sold, marking a 50% YoY decline, though sales were up 101% MoM. Al-Ghazi Tractors (AGTL) sold 1,452 units, a 7% decrease YoY but a 70% increase MoM. Overall, the tractor industry saw 2,670 units sold, which is 33% lower YoY but up 83% compared to the previous month.

Truck and bus sales in August 2024 rose by 83% YoY but saw a slight 2% MoM decline, with 300 units sold.