Passenger car sales surge by 58% in Pakistan.
Pakistan’s Auto Industry Sees Sales Spike in January 2024:
Data from the Pakistan Automotive Manufacturers Association (PAMA) reveals a positive trend in the country’s car market for January 2024.
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Key observations:
- Month-on-month (MoM) increase: Passenger car sales surged by 58.71% compared to December 2023, reaching 7,802 units.
- Year-on-year (YoY) improvement: Compared to January 2023, sales grew by 29.58%.
- Production: January saw a significant 44.48% MoM increase in production, reaching 9,614 units. YoY, production rose by 67.99%.
- Challenges remain: Despite the positive trend, cumulative sales for the first seven months of the fiscal year (7MFY24) remain 49% lower than the same period in the previous year.
Possible contributing factors:
- Easing of import restrictions by the State Bank of Pakistan.
- Addressing industry challenges like inflation, currency depreciation, and low demand.
Sources:
- Pakistan Automotive Manufacturers Association (PAMA)
- Passenger Cars:
- Larger vehicles were in high demand: The “1300cc and Above” category led with 4,091 units sold.
- Toyota dominated this segment: Toyota (Corolla, Yaris, Corolla Cross) sold 2,143 units, followed by Honda Cars (Civic & City) with 1,207 units.
- Smaller cars still popular: “Below 1000cc” category achieved 3,118 units, with Suzuki Alto taking the lead at 2,983 units.
- Truck sales saw a significant YoY jump: 242 units sold, marking a 231% increase.
- Two-Wheelers & Three-Wheelers:
- Strong month-on-month growth: Sales increased by 27.02% to 104,619 units compared to December 2023.
- YoY decline remains: Sales were down 4.51% compared to January 2023 (109,558 units).
- Production saw similar trends: 102,672 units produced in January, a 22.13% MoM increase but a 5.38% YoY decrease.
- Honda was a major player: They sold and produced 92,041 and 90,898 two-wheeler and three-wheeler units, respectively.
- Disclaimer:
- This information is intended for general informational purposes only and should not be construed as financial advice. Please consult with a qualified financial advisor before making any investment decisions.
- State Bank of Pakistan
Note: The information above might not be accepted 100%. Please verify from your own sources. We will not be responsible for any kind of loss due to our content.
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