Car sales plunge by 79.72% YoY in May

June 12, 2023 (MLN): The passenger car sales witnessed a significant plunge of around 79.72% YoY in May 2023, clocking in at 3,934 units compared to 19,395 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 increased by 38.33% MoM compared to 2,844 cars being sold in April 2023.

The total production of passenger cars was recorded at 5,093 units in May 2023 down by 73.19% YoY compared to 19,000 in May 2022, on the other hand, on a monthly basis, the production has increased by 36.18% MoM compared to 3,740 units.

In 11MFY23, car sales stood at 92,554 plummeting by 56.06% YoY compared to the same period last year.

Similarly, the production of cars also took a hit by 52.63% YoY as it clocked in at 96,653 units only in 11MFY23.

1000cc vehicles had the largest decline with 87.81% YoY drop in sales to units, with Suzuki Cultus sales declining by 77.8% YoY to 282 units, and Suzuki WagonR falling by 93.45% YoY to 148 units.

However, both of these witnessed a rise on a monthly basis, rising by 59.42% MoM and 49.49% MoM.

Similarly, total truck industry sales decreased by 73.24% YoY and 16.18% MoM to 114 units, and for 11MFY23, total truck sales clocked in at 3,075, marking a 42.38% YoY decline.

Total sales for 1300cc or above vehicles in Pakistan also decreased by 85.08% YoY and 8.83% MoM in May 2023. While the production increased by 29.03% MoM to 1,849 units against the sales of 1,445 units.

Honda held the majority share in both the production and sales of 2/3 wheelers, with 84% share, clocking in its sales at 930,352 units and production at 931,136 units in 11MFY23.

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