Car Sales Declined by 3% MoM in March

Passenger car sales in Pakistan declined by 3% MoM in March 2024, clocking in at 9,379 units compared to 9,640 units recorded in February 2024, according to the latest data released by the Pakistan Automotive Manufacturers Association (PAMA). Sales were also recorded as 1% less than the same month of the previous year.

Surprisingly, Honda Atlas experienced significant growth in March 2024, with sales increasing by 44% month-on-month (MoM) and 162% year-on-year (YoY) to 2,188 units. The sales are spearheaded by the 6th-gen City which has now become the second bestselling locally assembled vehicle in Pakistan only behind Suzuki Alto.

On the other hand, Pak Suzuki and Toyota Indus both saw a 16% MoM decline in car sales in March 2024, whereas Hyundai Nishat witnessed a 3% MoM increase in sales but a 30% YoY decline.

Cumulatively, PAMA car sales for the first 9 months of the current fiscal year (9M-FY24) amounted to just 69,078 units, marking a 38% YoY decrease compared to 110,898 units in the same period of the previous fiscal year. With the current pace, it’s not too hard to assume that the cumulative sales by the completion of this fiscal year will fall short of the 100,000 units mark.

The stark decline is attributed to escalating car prices, expensive auto financing, and the shrinking purchasing power of consumers.

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