Only 6,200 cars sold in Pakistan this October: Here's why
Pakistan's automobile market witnessed a substantial slump in sales, with a mere 6,200 units sold in October. This is down from 8,400 units in September, marking a 26% decrease month-on-month, as per the data shared by the Pakistan Automotive Manufacturers Association (PAMA). The country's overall automotive sector has been grappling with multiple hurdles, such as plummeting demand, escalating prices due to currency devaluation, hefty taxes, and expensive auto financing.
Total sales figures reveal a grim picture
Taking into account the sales figures of non-PAMA members, the total units sold in October amounted to only 7,000, a sharp decline from September's 9,500 units. In contrast, October 2022 recorded a total of 15,000 units sold. The initial four months of the fiscal year 2023-24 registered sales of a mere 27,163 units, an astonishing 44% drop from the same timeframe in the previous fiscal year, when 48,573 units were sold.
Major players in Pakistan's car market
Major players in Pakistan's car market include Atlas Honda, Pak Suzuki, Toyota, Hyundai, and Kia. However, the country has limited local manufacturing. Alongside the four-wheeler segment, sales of two and three-wheelers as well as commercial vehicles have been consistently decreasing month-on-month.
Motorcycle sales are also affected
The downturn in Pakistan's automotive sector has also affected motorcycle sales. During the first four months of the fiscal year, motorcycle sales dipped by 10%, mainly due to the dwindling purchasing power among the general population. The current unfavorable climate for car buyers is turning even small vehicle purchases into a guilty indulgence for numerous Pakistanis.
