The local auto sector has witnessed a sharp decline in sales during the first half of the fiscal year 2022-23. With a 40% drop, total car sales stood at 68,900 units in July-December 2022 period compared to 114,774 units in the same period of the previous year.
Various reasons are attributed to this decline, such as steeply increasing prices coupled with high-interest rates which make car leasing more expensive, curbs on auto financing, delays in deliveries, and non-opening of letters of credit resulting in parts shortages that led to production halts by various assemblers, etc.
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According to the data released by Pakistan Automobile Manufacturers Association (PAMA), sales in December 2022 plunged to 13,768 units from 15,432 units in November rendering an 11% month-on-month decline. PAMA data further reveals that a massive fall of 59% was recorded in Toyota Corolla and Yaris sales to 12,065 units from 29,126 in 6M-FY22. However, the month-on-month sales slightly fell to 1,879 from 1,933 in November 2022.
Sales of Honda Civic and City (combined) were down by 49% to 8,906 units from 17,620 amid a whooping drop in December sales to just 981 units from 1,509 units in November. However, in the case of Pak Suzuki, the new Suzuki Swift posted robust sales of 7,136 units from 497 units in 1H-FY22 despite a decline in December sales to 1,428 from 2,242 units in November.
Hyundai Elantra sales declined by 15% to 1,297 in 6M-FY23 from 1,508 units while its December sales soared to 142 from 101 units in November. Sales of Hyundai Sonata stood at 551 units showing a drop of 56% from 1,240 in July-Dec FY22.
In the 1,000cc segment, the first 6 months of FY23 were disappointing for Pak Suzuki due to a 65% and 68% sales drop in Suzuki Cultus and WagonR sales to 5,143 and 3,769 units in 6M-FY23 from 14,516 and 11,629 units in the same period last year. In contrast, sales of Cultus in December fell to 1,057 units from 1,134 units while WagonR sales rose to 872 from 716 units in the discussed period.
In the below 1,000cc segment, Suzuki Alto660cc sales saw a decline of 15% to 27,614 units in 6M-FY23 from 32,388 while Bolan sales registered a 61% fall to 2,436 units from 6,241 units in 6M-FY22. On a month-on-month basis, Alto and Bolan sales in December 2022 were 6,898 and 464 as compared to 7,252 and 503 units in November.
Sales of pickups, 4x4s, and SUVs remained 28.4% lower than 15,188 in 6M-FY23 as compared to 21,202 units in the same period of last fiscal year, while December 2022 sales increased to 3,216 units from 3,099 units in November. Hyundai Tucson depicted a 69% surge in sales to 2,230 in 6M-FY23 versus 1,321 units in the same period last fiscal year due to discounts on registration and immediate delivery options.
The sales of the newly launched HR-V combined with the Honda BR-V were up by 14% to 2,197 from 1,928 units. Toyota Fortuner and Revo sales fell by 30% to 6,242 units in 1H-FY23 from 8,946 in the same period last year followed by a 69% decline in sales of Suzuki Ravi to 2,273 units from 7,432 units.
The sales of new players Haval and Cherry stood at 442 and 706 units in 1H-FY23. JAC X-200, Isuzu D-Max, and Hyundai Porter saw sales of 345, 132, and 567 units as compared to 479, 253, and 808 units, rendering a decline of 28%, 48%, and 30% when compared to 6M-FY22.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
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