Car Sales Drop By More Than Half from 2022

Jawad

12 Aug 2023

250

Car Sales Drop By More Than Half from 2022

Amidst ongoing economic uncertainty, the automotive sector has experienced a substantial decline in car sales. According to the latest data released by the Pakistan Automotive Manufacturers Association (PAMA), car manufacturers belonging to the association collectively sold a mere 5,092 vehicles in July 2023. This represents a 16% drop in sales compared to the previous month, and a staggering 57% drop compared to the same period last year.

Toyota Indus Motor Company (IMC) reported the sale of 1,368 cars, indicating a 26% decrease in sales compared to the previous month. Meanwhile, Honda Atlas Cars Limited (HACL) managed to sell only 494 cars, reflecting an unexpected 61% increase in sales compared to the previous month. Pak Suzuki Motor Company (PSMC) saw a decline of 19% in monthly sales, with 2,444 cars sold.

Hyundai Nishat Motors Private Limited (HNMPL) fared slightly better, selling 569 cars in the last month and marking a modest 2% increase in sales compared to the previous month. Once again, the Tucson model led the company's sales.

A look at the sales figures of certain popular car models reveals that while there has been a slight improvement, the overall trajectory of the local car industry remains somber.

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%

Car companies continue to grapple with production shutdowns due to inventory shortages. Moreover, the combination of escalating prices and taxes has notably subdued consumer demand.

Experts are pessimistic about the immediate future, predicting further production disruptions and price hikes in the coming months.

Car sales decline 2023 Automotive industry sales drop Half decrease in car sales 2022 vs 2023 car sales comparison Auto market sales plunge Car industry downturn statistics Major drop in vehicle purchases Less than half car sales 2023

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