Car Sales Fell by 22% in November 2024 From October reflecting a 57% year-on-year (YoY) rise but a 22% month-on-month (MoM) fall in sales.

Car Sales Fell by 22%

Based on PAMA numbers, car sales in Pakistan clocked in at 10,163 units in Nov 2024, reflecting a 57% year-on-year (YoY) rise but a 22% month-on-month (MoM) fall in sales.

This takes sales in the first 5 months of fiscal year (FY) 2025 to 50,856 units a 51% YoY rise from 33,637 units in the first 5 months of FY24.

Study by Topline Research

MoM decline is mainly due to the end-of-year effect, as buyers delay deliveries/purchase of the car in a bid to get new year registrations, revealed Topline Research.

The greatest fall in MoM at 42% was reported by Sazgar Engineering (SAZEW) that dispatched 584 units in Nov 2024, as its production of SAZEW remained almost flattish at 993 units that witnessed a MoM based drop of 1%.

Indus Motor Company INDU declined 13% MoM to 2,194 units in Nov 2024. The company increased its shipment on a YoY basis by 129%, while sales during the month of November at Toyota Sales registered an exceptionally strong jump.

Pakistan Suzuki Motor`s Sales: Car Sales Fell by 22% in November 2024 From October

Pakistan Suzuki Motors Company (PSMC) sold 5,374 units in October. This is a 53% YoY increase. It declined by 26% MoM. HCAR sold 1,112 units. This has seen a 10% YoY increase. Honda declined by 27% MoM.

Hyundai Nishat Car Sales

Hyundai Nishat Motor saw an 11% YoY and 21% MoM rise to 724 units in Nov 2024, and it became the only company to report a MoM rise during the month, led by a 45% jump in Tucson sales.

Locally assembled electric vehicles started witnessing sales as well. Dewan Farooque Motors (DFML) sold 63 units of the newly launched Honri.

Motorcycles, Tractors and 3-Wheeler Sales: Car Sales Fell by 22% in November 2024 From October

In the motorcycle segment, 2-wheeler and 3-wheeler sales grew by 36% YoY but fell 12% MoM at 120,484 units in Nov 2024.

The tractor industry reported sales of 3,428 units, a decline of 2% YoY while recovery was 98% MoM. This was on account of the rescission of SRO 563(1)/2022. Company-wise, Al-Ghazi Tractors (AGTL) reported sales of 2,012 units, up 187% YoY and 584% MoM. Millat Tractors (MTL) recorded sales of 1,416 units, which declined by 50% YoY and 2% MoM in Nov 2024.

Tractor sales for FY25, so far into 5 months stood at 10,367 units- that’s a decline of 50% YoY. Truck and bus sales went up 126% YoY but down 7% MoM- total of 328 units sold in Nov 2024.

From Jan 2025 going forward, we anticipate significant growth in sales given recovery in auto finance during times when interest rates begin falling.

During Dec 2024 however, we will likely witness a reduction in MoM sales as there are usually year-end consequences.

Car Sales Fell by 22% in November 2024 From October reflecting a 57% year-on-year (YoY) rise but a 22% month-on-month (MoM) fall in sales.

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