Car sales plunge by 84.73% YoY in April

May 11, 2023 (MLN): The passenger car sales witnessed a massive decline of around 84.73% YoY in April 2023, clocking in at 2,844 units compared to 18,626 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.

Moreover, on a sequential basis, the sales of cars plunged by 60.51% MoM compared to 7,201 cars being sold in March 2023.

The total production of passenger cars was recorded at 3,740 units in April 2023 down by 79.51% YoY compared to 18,255 in April 2022, additionally, on a monthly basis, the production has decreased by 37.78% MoM compared to 6,011 units.

In 10MFY23, car sales stood at 88,620 plummeting by 53.66% YoY compared to the same period last year.

Similarly, the production of cars also took a hit by 50.51% YoY as it clocked in at 91,560 units only in 10MFY23.

1000cc vehicles had the largest decline with a 71.37% MoM and 69.79% YoY drop in sales to units, with Suzuki Cultus sales declining by 67.01% YoY to 6,410 units, and Suzuki WagonR falling by 72.67% YoY.

Suzuki Swift experienced an 83.47% MoM fall in sales to 145 units as compared to 877 units in the previous month.

Total truck industry sales for the ten months of the fiscal year 2023 decreased by 39.71% YoY to 2,961 units.

Total sales for 1300cc or above vehicles in Pakistan also decreased by 50.83% YoY and 45.59% MoM in April 2023. Atlas Honda (ATLH) sales were down by 6% MoM and 19% YoY, with total sales of 85,000 units.

Copyright Mettis Link News