Islamabad, August 11, 2023: Pakistan’s car sales shrink to 5,000 units during the first months of this fiscal year (FY24). In term of growth, it down 16 percent MoM and 57 percent YoY in July 2023, the Pakistan Automobile Manufacturers Association (PAMA) reported on Friday.
Including Non-PAMA members car sales clocked in at 6,000, fell 13 percent MoM. Escalating car prices, expensive auto financing, and low purchasing power of consumers are among the primary reasons for the decline in sales.
Indus Motors (INDU) posted highest decline of 26 percent MoM to 1,368 units in Jul-2023 led by decline in sales of Fortuner and Hilux by 65 percent MoM.
PSMC recorded decline of 19 percent MoM to 2,444 units in Jul-2023 led by decline in sales of Bolan (-44% MoM), and Alto (-25% MoM). However, Honda Atlas Car (HCAR) recorded increase of 61 percent MoM to 494 units in Jul-2023 mainly due low base of last month.
Hyundai sales also up 2 percent MoM where Tuscon sales up 5 percent MoM to 328 units in Jul-2023. Amongst Tractors, Millat Tractors (MTL) recorded decline of 22 percent MoM to 1,656 units in Jul-2023 while Al Ghazi Tractors (AGTL) recorded sales of 1,022 units up 20 percent MoM. Trucks & Buses sales were up 31 percent MoM while down 29 percent YoY to 195 units in Jul-2023.
Pakistan bike sales were down 11 percent MoM and 24 percent YoY in Jul-2023. Atlas Honda (ATLH) recorded sales of 62K units, down 17 percent MoM and 23 percent YoY. Higher bike prices, and low purchasing power of consumers are the primary reasons for the decline in sales.
