Automotive Giants Grapple with 2023 Sales Crisis

Abdullah

02 Jan 2024

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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
Suzuki Alto	59,526	19,071	-67.96%
Suzuki Cultus	12,739	3,424	-73.12%
Suzuki Wagon R	14,399	3,085	-78.57%
Suzuki Swift	11,401	4,054	-64.44%
Suzuki Bolan	8,092	2,864	-64.61%
Suzuki Ravi	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 Suzuki Cars 2024 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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