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Car sales plunge by 80% YoY in Feb

Car sales plunge by 84.73% YoY in April
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March 13, 2023 (MLN): The passenger car sales witnessed a massive decline of around 80% YoY in February 2023, clocking in at 3,642 units compared to 18,054 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. 

On a sequential basis, the sales of cars dropped by 39.5% MoM compared to 6,021 cars being sold in January 2023. 

The total production of passenger cars was recorded at 4,708 units in March down by 74.22% YoY and 17.7% MoM compared to 18,263 units produced in February 2022 and 5,723 units produced in January 2023.

In 8MFY23, car sales stood at 78,575, plummeting by 47% YoY compared to the same period last year.

Similarly, the production of cars also took a hit by 43% YoY as it clocked in at 81,809 units only in 8MFY23.

Company wise, Pakistan Suzuki Motor Company (PSMC), Indus Motors (INDU), and Honda Car (HCAR) reported a decrease in sales.

PSMC had the largest decline with a 67% MoM and 92% YoY drop in sales to 978 units. INDU sales declined by 49% MoM to 1,803 units, and HCAR sales decreased by 39% MoM and 40% YoY to 1,636 units.

However, Hyundai's sales increased by 11% MoM, with the Tuscon model increasing by 14% MoM to 708 units, and the Elantra model increasing by 40% MoM to 243 units in February 2023.

Within the tractor industry, Millat Tractors (MTL) sales increased by 18% MoM to 2,602 units in February 2022, while Al Ghazi Tractors (AGTL) sales declined by 39% MoM to 728 units in February 2023.

Total tractor industry sales for the first eight months of the fiscal year 2023 decreased by 49% YoY due to floods, plant shutdowns, lower consumer buying power, and higher prices.

Motorbike sales in Pakistan also decreased by 7% MoM and 26% YoY in February 2023. Atlas Honda (ATLH) sales were down by 6% MoM and 19% YoY, with total sales of 85,000 units.

On the other hand, truck and bus sales increased by 40% MoM and 20% YoY to 657 units in February 2023, bringing total sales for the first eight months of the fiscal year 2023 to 3,074 units, down 30% YoY.

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Posted on: 2023-03-13T18:01:37+05:00