Car Sales Decline by 82% in June; and 59% in FY23

Sales of locally assembled cars plunged by 82% year-on-year in June 2023 mainly due to non-production days, higher prices of cars, and a decline in purchasing power, according to the data released by Pakistan Automobiles Manufacturers Association (PAMA). However, sales slightly increased on a month-on-month basis.

June 2023 saw only 4,256 units sold against 23,547 units in June 2022 rendering an 82% YoY decline. But on an MoM basis, June 2023 sales remained higher by 8% with 4,258 units compared to 3,934 units sold in May 2023.

Sales of 1300cc and above cars in June were recorded at 1,654 units, down 85% compared with the same month of the previous year’s sales of 10,242 units. 1000cc cars recorded sales of 429 units only, against 4,602 units in the same month last year. Below 1000cc vehicles recorded sales of 2,175 units, lower by 75 percent against 8,703 units last year. Suzuki’s Alto sold 1,913 units in June 2023, compared with 8,703 units in June 2022.

Honda Atlas posted the highest increase of 253% MoM to 307 units in June 2023 due to the low base of last month and the availability of CKD parts. This takes Honda’s full-year FY23 sales to a dismal 16,879 units, down 57% YoY. On the other hand, Pak Suzuki recorded an improvement of 2% MoM to 3,009 units in June 2023. This brings Suzuki’s full-year car sales to 65,364 units, down 57% YoY in FY23. Meanwhile, IMC recorded an increase of 7% MoM to 1,846 units in June 2023 compared to 1,718 units in May-2023. This takes Toyota’s FY23 sales to just 31,104 units, down 58% YoY.

In FY23, a total of 96,812 units were sold, down 59% against 234,180 units sold during FY22. This is also the first time ever that the sales of PAMA members which include big names such as Toyota, Suzuki, Honda, Isuzu, Gandhara, and Hyundai stood below the 100,000 units mark in a fiscal year.

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