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Auto Industry Begins New Fiscal Year with 59% Decline in Sales

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The first month of new fiscal year 2022-23 for local auto industry started on a negative note, with car sales suffering from a 59% month-on-month decline. This includes numbers from auto assemblers which are part of PAMA (Pakistan Automobile Manufacturers Association) as well as non-PAMA members.

Sales of new local assembled passenger vehicles clocked in at around 14,000 units out of which 10,377 units belong to PAMA member companies. Sales were also down by 52% on year-on-year basis. The steep decline is attributed to a number of factors including massive price increases, tightening auto finance, Eid-ul-Azha holidays, and suspension of bookings by major assemblers due to lack of CKD kits in hand amid import ban imposed by the government.

Related: Government to Limit Imports for Next 3 Months

The maximum drop in sales below 1,000cc segment was recorded with Suzuki Bolan, as only 353 units were sold in July 2022 compared to 950 units in July 2021, followed by a 24% drop in Alto 660cc sales to 4,618 from 6,110 units. Suzuki Wagon R sales fell by 87% to only 282 units from 2,131 units while Cultus sales went down to 661 from 4,213 units, according to the data released by PAMA.

The 1,300cc & above segment shows a mixed performance. The Toyota Corolla and Yaris faced a major drop of 65% to 1,734 units compared to 5,020 in the same month of previous year, while the new Suzuki Swift witnessed an increase of 43% to 321 from 225 units. Honda Civic and City sales went up by 43% to 2,408 units from 1,700 units in the same month from a year ago.

Related: Assemblers Anticipate a Massive Drop in Sales

Sales of 4x4s and pickups were limited to just 1,506 compared to 4,250 units. Sales of the Toyota Fortuner and Hilux stood at just 641 units in July 2022 compared to 1,695 units in July 2021, while Hyundai Tucson sales came down to only 104 from 175 units. Honda BR-V and Suzuki Ravi sales stood at 129 and 444 units as compared to 607 and 1,552 units, down by 79% and 71% respectively.

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