April 11, 2023 (MLN): The passenger car sales witnessed a massive decline of around 68.41% YoY in March 2023, clocking in at 7,201 units compared to 22,799 units recorded in the same month last fiscal year, the latest data from the Pakistan Automotive Manufacturers Association (PAMA) showed today.
This sharp decline is attributed to higher interest rates, measures taken by regulators to curb auto imports, and cost-led price hikes.
However, on a sequential basis, the sales of cars surged by 97.72% MoM compared to 3,642 cars being sold in February 2023.
The total production of passenger cars was recorded at 6,011 units in March 2023 down by 73.7% YoY compared to 22,898 in March 2022 whereas, on monthly basis, the production has increased by 27.67% MoM compared to 4,708 units.
In 9MFY23, car sales stood at 85,776 plummeting by 50.3% YoY compared to the same period last year.
Similarly, the production of cars also took a hit by 47.3% YoY as it clocked in at 87,820 units only in 9MFY23.
