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Car sales plunge by 24% MoM in October

Car sales plunge by 68.41% YoY in November
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November 13, 2023 (MLN): Passenger car sales plunged by 24.33% MoM in October 2023, clocking in at just 4,850 units compared to 6,410 units recorded in the previous month, the latest data from the Pakistan Automotive Manufacturers Association (PAMA) showed today.

Moreover, on a year-on-year basis, the sales of cars plunged by 56.42% YoY compared to the 11,129 cars sold in October 2022.

The total production of passenger cars was recorded at 3,868 units in October 2023 down by 38.25% MoM compared to 6,264 in September 2023.

Similarly, on a yearly basis, the production has decreased by 63.84% YoY compared to the production of 10,697 units in October 2022.

In 4MFY24, car sales stood at 20,871, plummeting by 47.4% YoY compared to the same period last year.

The auto industry in Pakistan has been struggling with various issues including high inflation, currency depreciation, low demand, and political uncertainty.

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

Although the State Bank of Pakistan (SBP) has eased import restrictions, the auto sector's priority remains relatively low, with a higher preference given to sectors such as medicine etc.

Some restrictions still persist on certain essential parts, which significantly hamper the production capabilities of auto assemblers.

The dollar shortage has severely affected the imports of car parts and raw materials, forcing some plants like Honda and Suzuki to shut down temporarily.

Moreover, the volatility in the exchange rate has made it difficult for auto assemblers to plan their imports and manage their costs.

Data released by PAMA today further shows that the maximum number of sales was made within the ‘Below 1000cc’ category at 2,745 units. Within this category, Suzuki Alto recorded the highest sales at 2,602 units, followed by Suzuki Bolan which sold 143 units.

The second highest number of sales was made within the ‘1300cc and Above’ category at 1,580 units. Within this category, Toyota (Corolla & Yaris) recorded the highest sales at 796 units, followed by Honda Cars (Civic & City) which sold 379 units.

On the contrary, the '1000cc' category witnessed a sale of 525 units during the month.

Meanwhile, the total number of trucks sold during the month stood at 157 units, which translates into an increase of 2.61% MoM, while on a yearly basis, sales declined by 38.91% YoY as compared to 153 units in the previous month and 257 units in the same period last year.

Meanwhile, motorbike and three-wheelers sales decreased 10.88% YoY in October 2023, to stand at 101,976 units, as compared to 114,420 in October 2022.

Similarly, the production decreased by 7.99% YoY compared to 116,376 units produced in October 2023.

Month-wise, production of motorbike and three-wheelers inched up by 0.29% YoY, while the sales declined by 4.77% MoM.

The total cumulative production and sales for motor vehicles stand at 373,128 and 370,966, down by 9.77% YoY and 10.1% YoY respectively.

Honda held the majority share in both the production and sales of 2/3 wheelers, clocking in its sales at 322,260 units and production at 326,148 units in 4MFY24.

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Posted on: 2023-11-13T16:36:37+05:00