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Car sales drop 3.5% MoM to 7,672 units in March

Car financing in Pakistan drops 1.56% MoM to Rs236bn in April
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April 17, 2024 (MLN): Passenger car sales decreased by 3.53% MoM in March 2024, clocking in at 7,672 units compared to 7,953 units recorded in February 2024, the latest data from the Pakistan Automotive Manufacturers Association (PAMA) showed today.

Conversely, on a year-on-year basis, the sales of cars have increased by 6.54% YoY compared to the 7,201 cars sold in March 2023.

However, comparison on a cumulative basis shows that car sales dropped to 54,089 units in 9MFY24, compared to 85,776 units sold in 9MFY23, down by around 37% YoY.

The total production of passenger cars was recorded at 55,670 units in 9MFY24, down 36.61% YoY as compared to 87,820 units made in 9MFY23.

In March alone, production was recorded at 7,268 units, down by 9.17% MoM compared to 8,002 in February 2024.

On a year-on-year basis, the production has increased significantly by 20.91% YoY compared to the 6,011 units produced in March 2023.

Despite a setback in the recent month, Pakistan’s auto industry has witnessed a robust rebound since January as earlier it had been struggling with various issues including high inflation, currency depreciation, low demand, and political uncertainty.

These issues, compounded by supply chain disruptions in securing critical parts and materials, added to the woes of the sector.

However, with the State Bank of Pakistan (SBP)’s decision to ease import restrictions taking effect now, the auto sector has regained its strong position.

The data released by PAMA further showed that the maximum number of sales was made within the ‘1300cc and Above’ category at 3,844 units in March. Within this category, Honda Cars (Civic & City) recorded the highest sales at 1,994 units, followed by Toyota (Corolla, Yaris & Corolla Cross) which sold 1,547 units.

The second highest number of sales was made within the ‘Below 1000cc’ category at 3,159 units during the review month.

Within this category, Suzuki Alto recorded sales of 2,922 units, while 237 units of Suzuki Bolan were sold.

The ‘1000cc’ segment witnessed a sale of 669 units in March 2024.

The total number of trucks sold stood at 272 units, which translates into a massive decline of 2.51% YoY as compared to 279 units in the same period last year.

The sales of motorbikes and three-wheelers inched down to 93,016 units, as compared to 93,770 units in February 2024.

Meanwhile, on a YoY basis, sales of three-wheelers increased by 10.33% YoY, compared to 84,307 units sold in March 2023.

The production of motorbikes and three-wheelers stood at 101,566 units, up 7.03% MoM and 18.89% YoY.

It is worth mentioning that Honda continued to hold the majority share in both the production and sales of 2/3 wheelers in March.

Cumulatively in 9MFY24, Honda’s three-wheeler sales clocked in at 724,683 units, around 5.85% YoY lower than the total sales in 9MFY23.

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Posted on: 2024-04-17T15:46:23+05:00