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Thursday, February 15, 2024

Car sales in Pakistan drop by 58%

Vehicle sales plummeted in July 2022 as a result of production reductions by major automakers, tremendous inflation, and hefty taxes.

Due to production cuts by major automakers, unprecedented inflation, and high taxes, vehicle sales fell precipitously in July 2022.

According to the most recent figures from the Pakistan Automotive Manufacturers Association (PAMA), automakers (PAMA members only) sold 11,837 vehicles in total last month, a staggering 58 percent reduction month over month (MoM).

2,408 vehicles were sold by Toyota Indus Motor Company (IMC), a 62 percent MoM reduction in sales. While Pak Suzuki Motor Company (PSMC) sold 6,679 automobiles with a 58 percent increase in sales, Honda Atlas Cars Limited (HACL) performed relatively better by selling 2,537 cars with a 37 percent MoM decline.

Read more: Hyundai, Kia cars can be stolen through a USB cable?

Sales at Hyundai Nishat Motors Private Limited (HNMPL) fell by 89 percent MoM to 213 units. Hyundai was unable to sell even one unit of the Elantra or Sonata, therefore they continued to be the worst-selling vehicles.

According to some experts, sales will continue to grow through September 2022. However, manufacturers’ observance of non-production days is what caused the early decline (NPDs). Due to debilitating inflation, price increases, and significant delivery delays, all automakers anticipate a sharp fall in demand in the coming days.