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Data from the Pakistan Automotive Manufacturers Association (PAMA) indicated on Monday that car sales in Pakistan increased 49% month over month (MoM) in August 2023, totaling 7,579 units.
Pakistan’s car sales jump in August: Experts in the field believe that the reduction in CKD imports (totally knocked down) is to blame for the large MoM increase in car sales.
On a year-over-year (YoY) basis, however, sales of cars (including LCVs, vans, and Jeeps) were 36% lower. 11,789 units in sales were reported in August 2022.
“Escalating car prices, expensive auto financing, and the low purchasing power of consumers are among the primary reasons for the decline in YoY sales,” brokerage Topline Securities stated.
Pak Suzuki (PSMC) recorded the largest rise, selling 4,268 units in August 2023, reflecting a 75% month-over-month increase. Higher sales of its Swift (+103% MoM), Alto (+92 MoM), and Cultus (+72 MoM) were mostly responsible for the increase.
Hyundai sales increased 37% month over month, and Tucson sales up 42% month over month to 465 cars in August.
“Pakistan Automotive Industry: Mixed Sales Performance Across Segments in August”
In August, Honda Atlas Car (HCAR) saw a 36% MoM growth to 674 units. Sales at Indus Motors (INDU) climbed by 13% MoM in August, driven primarily by a 43% MoM increase in Fortuner and Hilux sales.
Al Ghazi Tractors (AGTL) and Millat Tractors (MTL) both saw increases in their tractor sales in August of 52% and 46%, respectively, month over month.
In the first two months of the fiscal year 2024, this brings the total number of tractors sold to 6,645 units, up 27% YoY.
Sales of trucks and buses fell to 167 units in August, down 14% MoM and 51% YoY. Total industry sales fell by 41% YoY to 362 units in 2MFY24 as a result.
In August, bike sales in Pakistan increased 20% MoM but decreased 14% YoY.
Atlas Honda (ATLH) reported sales of 75K units, reflecting a 21% month-over-month increase but a 12% year-over-year decrease.
However, According to the brokerage house, the YoY fall is a result of rising bike prices and consumers’ limited purchasing ability.