Automobile Sales Fell 47% Between July and March FY23

Overall locally assembled automobile, LCV, 4×4 and truck sales fell 47% to 109,466 units in the first 9 months (July ’22 to March ’23) of the current fiscal year, down from 205,452 units in the same period of the previous year.

Despite registering a 61% month-on-month increase in March to 9,351 units, auto sales fell drastically during 9MFY23 due to steeply increased pricing, costlier financing, and plant closures. To put this into perspective, Pak Suzuki sold 9,814 units of Alto in April 2022, so the cumulative sales of all PAMA member companies in March 2023 is still 5% less than the sales of Suzuki Alto alone from its prime. The March 2023 sales were in fact 66% lower when compared with 27,202 units sold in March 2022.

According to figures released by Pakistan Automotive Manufacturers Association (PAMA), Honda Atlas was hit by low sales in March of 835 units, down 49% MoM and 77% year on year, while 9MFY23 sales were down 46% to 16,278 units.

Although Pak Suzuki sales increased to 5,628 in March from 978 in February but were still 63% lower on a YoY basis. The company’s overall sales fell by 47% to 57,922 units in July-March FY23, down from 109,419 units the previous year. Indus Motor Company (IMC), the assembler of Toyota vehicles sold 6% more automobiles in March, reaching 1,912 units, up from 1,803 in February, but saw a 73% drop year on year.

Truck sales fell 46% to 279 units in March from 521 units in February, while it stood at 500 units in March 2022. As a result, 9MFY23 truck sales fell 37% to 2,825 units, compared to 4,493 units in 9MFY22. On the other hand, only 29 buses were sold in March, compared to 136 in February and 65 in March last year, representing a 79 percent and 55% year-on-year decrease. However, despite the low monthly sales, overall 9MFY23 bus sales increased by 22% to 557 units from 458 units.

Tractor sales, the country’s gauge of agricultural indicators, fell 49% to 21,233 units in FY22, compared to 41,603 units in FY22. With 2,984 units sold in March, the MoM and YoY declines were 10% and 47%, respectively.

Total two-wheeler sales were 908,555 units, a 33% decrease from 1.348 million in 9MFY22. In March, bike sales totaled 83,149 units, a 17% decrease from the previous month and a 43% decrease year-on-year. Three-wheeler sales were 1,158 units in March, a 54% and 71% year-on-year decline. Meanwhile, overall three-wheeler sales fell by 48% in 9MFY23 to 16,148 units, compared to 31,231 units in FY22.

Source: Dawn

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