Car Sales Crash by Over Half Compared to 2022

Web DeskAugust 12, 2023

Amidst ongoing economic uncertainty, the automobile industry has faced yet another significant decline in car sales.

Recent data from the Pakistan Automotive Manufacturers Association (PAMA) reveals that car manufacturers (limited to association members) collectively sold a mere 5,092 vehicles in July 2023. This marks a considerable month-on-month (MoM) drop of 16% in sales and a staggering year-on-year (YoY) decrease of 57%.

Toyota Indus Motor Company (IMC) sold 1,368 cars, reflecting a 26% MoM sales decrease. Meanwhile, Honda Atlas Cars Limited (HACL) recorded sales of only 494 cars, witnessing a substantial 61% MoM increase in sales. Pak Suzuki Motor Company (PSMC) sold 2,444 cars, experiencing a 19% dip in monthly sales.

Hyundai Nishat Motors Private Limited (HNMPL) managed to sell 569 cars in the past month, indicating a modest 2% MoM rise in sales. Notably, the Tucson model remains the top seller for the company.

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Here are the sales figures for some popular car models:

Passenger Vehicle Sales
Passenger Vehicles Sales in June 2023 Sales in July 2023 Month-on-Month % Difference
PSMC
Cultus 264 177 -33%
Alto 1,913 1,440 -26%
Wagon R 165 245 48%
Bolan 262 146 -44%
Swift 278 249 -10%
Toyota IMC
Corolla and Yaris 984 1,067 8%
Fortuner and Hilux 862 301 -65%
Honda Atlas
Civic and City 227 208 -8%
HR-V & BR-V 80 286 258%
Hyundai Nishat
Tucson 313 328 5%
Elantra 88 80 -9%
Sonata 77 90 17%

Despite a slight uptick in sales, the overall trajectory of the local car industry remains gloomy. Car companies continue to grapple with production shutdowns due to inventory shortages, while surging prices and taxes have contributed to dampened demand.

Experts suggest that challenging times persist, with more production challenges and price hikes on the horizon.

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