Car sales shrink due to economic slowdown and rupee devaluation

December 11, 2018 (MLN): In November 2018, 15,334 units of passenger cars were sold, show the latest figures released by Pakistan Automotive Manufacturers Association (PAMA).

Compared to prior month, the sales have dropped by 28%. One of the main reason for this could be the high base last month, when some of the manufacturers had forewarned that a potential price increase of up to Rs.75, 000 was in line for December and January. Due to this, the buyers indulged in pre-booking of cars, causing automobile sales to soar during the month.

On the other hand, in a year on year scenario the sales figure has dropped by 11% due to hiked up interest rates that made car financing expensive, soared car prices due to rupee devaluation and ban on purchase for non-filers.

However, cumulative sales for the July-November period have shown an increase of 624 units over corresponding period of last year, from a sale of 87,273 units to that of 87,897 units this year.

Copyright Mettis Link News

Posted on: 2018-12-11T17:33:00+05:00