Automotive Giants Grapple with 2023 Sales Crisis




Automotive Giants Grapple with 2023 Sales Crisis
In 2023, the automotive sector grappled with an unprecedented surge in car prices, resulting in a substantial downturn in sales. The challenges were further exacerbated by the temporary shutdowns in car production implemented by major auto giants.
Honda Faces a Drastic Sales Plunge of 66.26%
Honda, a prominent player in the industry, faced a significant setback in 2023. The Honda witnessed a staggering 66.26% decrease in Car Sales 2023, with only 9,760 units sold compared to the previous year's 28,928. Notably, the sales of Honda City and Civic plummeted by 72.28%, dropping from 25,502 in 2022 to 7,068 in 2023. Similarly, Honda BRV and HRV experienced a 21.42% decline, falling from 3,426 units in 2022 to 2,692 in 2023.Model | Jan-Nov’22 | Jan-Nov’23 | Difference |
Honda City & Civic | 25,502 | 7,068 | -72.28% |
Honda BRV & HRV | 3,426 | 2,692 | -21.42% |
Total | 28,928 | 9,760 | -66.26% |
Suzuki's Dismal Sales Performance
Pak Suzuki Motor Company (PSMC) faced a substantial decline in car sales in Pakistan in 2023, witnessing a 69.24% drop from 114,605 units in 2022 to just 35,253 in 2023. The breakdown of sales for each Suzuki model revealed substantial declines across the board.
Model | Jan-Nov’22 | Jan-Nov’23 | Difference |
59,526 | 19,071 | -67.96% | |
12,739 | 3,424 | -73.12% | |
14,399 | 3,085 | -78.57% | |
11,401 | 4,054 | -64.44% | |
8,092 | 2,864 | -64.61% | |
8,448 | 2,755 | -67.39% | |
Total | 114,605 | 35,253 | -69.24% |
Toyota's Sales Decline by 62.81% in 2023
While Toyota's sales performed relatively better than Honda and Suzuki, the company was not immune to the broader challenges in the automotive industry. Toyota experienced a 62.81% decline in sales, selling 19,320 units in 2023. The sales figures for the Toyota Corolla and Yaris, as well as Toyota Fortuner and Hilux, indicated notable decreases.
Model | Jan-Nov’22 | Jan-Nov’23 | Difference |
Toyota Corolla & Yaris | 37,588 | 11,498 | -69.41% |
Toyota Fortuner & Hilux | 14,357 | 7,822 | -45.52% |
Total | 51,945 | 19,320 | -62.81% |
Automotive Industry
Car Sales
Economic Challenges
Production Halts
Price Surge
Honda
Suzuki
Toyota
Sales Decline
Industry Trends
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Honda Cars 2024
Toyota Cars 2024
Suzuki Cars price in Pakistan
Toyota Cars price i Pakistan
Honda Cars Price in Pakistan
Cars Sales in Pakistan 2023
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