Islamabad: The automotive industry in Pakistan experienced a significant downturn as sales of locally assembled cars, light commercial vehicles (LCVs), vans, and jeeps plummeted by 41%.
According to a report by the Pakistan Auto Manufacturers Association, during the first 8 months of the current fiscal year, car sales in the country decreased by 41% during the July-February period of the fiscal year 2023-24 (FY24). In February alone, sales dropped by eight percent, with only 9,709 units sold compared to 10,536 units in January. However, this figure marked a notable improvement of 57% compared to February 2023, when only 6,186 units were sold.
As per the report, several factors contributed to this decline, including unprecedented interest rates, soaring petroleum prices, and reduced purchasing power among consumers.
Among the notable declines in sales, Toyota Corolla, Yaris, and Corolla Cross experienced a significant decrease, dropping from 14,875 units in July-February FY23 to 9,181 units in the same period of FY24. Similarly, Honda Civic and City sales fell from 11,770 units to 6,520 units.
Sales of Suzuki Swift, Hyundai Elantra, and Hyundai Sonata also witnessed a sharp decline, shrinking from 7,707 units, 1,698 units, and 948 units to 3,445 units, 686 units, and 541 units, respectively, in the first eight months of FY24.
Furthermore, sales of Suzuki Cultus, WagonR, Bolan, and Alto 660cc remained subdued, with figures dropping from 28,202 units to 19,761 units for Alto 660cc and significant declines observed in other models as well.
According to the report released by the Pakistan Auto Manufacturers Association, a total of 46,417 units of cars were sold in the first 8 months, which is 41% lower compared to the same period of the previous fiscal year. During the same period last year (from July to February), 78,575 units of cars were sold in the country.
During the first 8 months of the current fiscal year, 20,373 units of cars with engines of 1300 cc and above were sold, which is 45% less compared to the same period last year. During the same period last fiscal year, 36,999 units of cars with engines of 1300 cc and above were sold.
Similarly, 4,786 units of cars with engines less than 1000 cc were sold during this period, which is 53% less compared to the same period last year. During the same period last fiscal year, 10,291 units of cars with engines less than 1000 cc were sold.
During this period, 21,258 units of cars with engines less than 1000 cc were sold, which is 32% less compared to the same period last year. During the same period last fiscal year, 31,285 units of cars with engines less than 1000 cc were sold.
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