November: Car Sales Plunge by Over 68% YoY

According to the latest figures from the Pakistan Automotive Manufacturers Association (PAMA), passenger car sales fell by 68.41% year on year in November 2023, with only 4,875 units sold compared to 15,432 units sold in the same month of the previous year.

However, with 4,875 units in November 2023, PAMA data shows car sales marginally increased by 0.52% month over month, up from 4,850 units in October 2023. On a year-on-year basis, car production decreased by 72.46% compared to the 15,506 units produced in November 2022.

The difficulties facing Pakistan’s auto sector are shown in the sharp decline in automobile sales in the first five months of the fiscal year 2024, which fell to 25,746 units from 53.30% year over year. Factors including poor demand, depreciating currency value, high inflation, political unpredictability, and supply chain disruptions are among the challenges facing the auto industry.

The data released by PAMA further showed that the maximum number of sales was made within the ‘Below 1000cc’ category at 2,113 units. The second highest sales were made within the ‘1300cc and Above’ category at 2,033 units. ‘4x4s and Pickup’ (including small commercial pickups) saw 1600 units sold in November. The ‘1000cc’ segment witnessed just 729 units sold during the month in discussion.

Regarding companies, Pak Suzuki had the biggest YoY loss, selling 3,506 units in November 2023 compared to 12,387 units sold in the same month the year before. In November, Suzuki sales fell 8% on a month-over-month basis. Indus Motor Company (Toyota) witnessed a fall of 71% YoY, selling only 956 units in November 2023, against 3,242 units sold in the same month the previous year. On a month-on-month basis, Toyota sales decreased 9% in November. Honda Atlas sales dropped 49% YoY to 1,015 units from 1,973 units in the same month the previous year. However, on a month-on-month basis, Honda sales improved to 1,015 units from 459 units recorded in October.