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Car sales surge to 7,802 units in January, highest since Dec 2022

Car sales surge to 7
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February 13, 2024 (MLN): Passenger car sales surged by 58.71% MoM in January 2024, clocking in at 7,802 units compared to 4,916 units recorded in December 2023, the latest data from the Pakistan Automotive Manufacturers Association (PAMA) showed today.

Similarly, on a year-on-year basis, the sales of cars improved by 29.58% YoY compared to the 6,021 cars sold in January 2023. 

Cumulatively in 7MFY24, sales clocked in at 38,464 units, around 49% lower than the total sales in 7MFY23.

The total production of passenger cars was recorded at 40,400 units in 7MFY24, down 47.6% YoY as compared to 77,101 units in 7MFY23.

In the month of January alone, production was recorded at 9,614 units, up significantly by 44.48% MoM compared to 6,654 in December 2023.

Likewise, on a year-on-year basis, the production has increased by 67.99% YoY compared to the production of 5,723 units in January 2023.

The auto industry in Pakistan has witnessed a robust rebound this month as earlier it had been struggling with various issues including high inflation, currency depreciation, low demand, and political uncertainty.

These issues, compounded by supply chain disruptions in securing critical parts and materials, added to the woes of the sector.

However, with the State Bank of Pakistan (SBP)'s decision to ease import restrictions taking effect now, the auto sector has regained its strong position.

The data released by PAMA further showed that the maximum number of sales was made within the ‘1300cc and Above’ category at 4,091 units in January. Within this category, Toyota (Corolla, Yaris & Corolla Cross) recorded the highest sales at 2,143 units, followed by Honda Cars (Civic & City) which sold 1,207 units.

The second highest number of sales was made within the ‘Below 1000cc’ category at 3,118 units during the review month.

Within this category, Suzuki Alto recorded sales of 2,983 units, while 135 units of Suzuki Bolan were sold.

The '1000cc' segment witnessed a sale of 593 units in January 2024.

The total number of trucks sold stood at 242 units, which translates into a surge of 2.31x YoY as compared to 105 units in the same period last year.

The sales of motorbikes and three-wheelers rose by 27.02% MoM to stand at 104,619 units, as compared to 82,362 in December 2023.

On the other hand, sales of motorbikes and three-wheelers dropped by 4.51% YoY, compared to 109,558 units sold in January 2023.

The production of motorbikes and three-wheelers stood at 102,672 units, up by 22.13% MoM, while down 5.38% YoY.

It is worth mentioning that Honda held the majority share in both the production and sales of 2/3 wheelers in January, clocking in its sales at 92,041 units and production at 90,898 units.

Copyright Mettis Link News

Posted on: 2024-02-13T15:39:53+05:00