2023 was unquestionably the worst year for the local auto industry due to a variety of issues, such as rising prices from exchange rate fluctuations, expensive auto financing, import restrictions and supply chain disruptions, rising inflation, and depleting consumer purchasing power, which all contributed to a decline in car sales.
Understandably, even the market’s best-selling names are going through a challenging period in terms of sales, given that industry figures have fallen back to levels seen 20 years ago. For instance, the Toyota Corolla and Yaris, which were once the best-selling sedans in our market, saw their lowest-ever sales in 2023.
Between January and December 2023, only 7,176 units of Corolla were sold which is 70% less than the already dented numbers of 23,960 units sold in 2022. Not to mention at its peak, the Corolla used to sell over 50,000 units a year.
Related: IMC Boss Optimistic About Auto Sales Recovery
On the other hand, sales of the Toyota Yaris, which completely decimated its competitors in its early years, plummeted to just 4,796 units in 2023. This represents a 69% decrease from the 15,507 Yaris sold in 2022, not to mention that sales at its heyday were close to 30,000 units.
Similarly, there was a significant decline in sales of Toyota Fortuner and Hilux models. Fortuner sales went down from 5,962 units in 2022 to 2,542 units in 2023, whereas Hilux sales were down from 9,339 units in 2022 to 5,401 units in 2023, rendering a 54% and 42% decline, respectively.
Overall, IMC sold just 19,915 units in the whole of 2023 compared to 54,768 units a year earlier in 2022. This marks a deplorable 64% overall decline in sales for the company. Despite such miserable numbers, IMC boss Ali Asghar Jamali has expressed optimism that the market will rebound in 2024; only time will tell if this happens.
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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