By Staff Reporter
KARACHI: Pakistan’s car sales plummeted 82 percent in June from a year earlier, hit by non-production days, soaring prices and weak demand, industry data showed on Tuesday, but they rose slightly from the previous month.
The Pakistan Automotive Manufacturers Association (PAMA) said car sales fell to 4,256 units in June from 23,547 in the same month of 2022. However, they were up 8 percent from 3,934 in May.
“The non-availability of CKDs (completely knocked down kits), escalating car prices, expensive auto financing, and low purchasing power of consumers are among the primary reasons for the decline in sales,” Sunny Kumar, an analyst at Topline Securities, said.
In the fiscal year that ended on June 30, car sales dropped 59 percent to 96,812 units from 234,180 in the previous year, PAMA said.
Sales of buses and trucks also plunged 75 percent year-on-year to 149 units in June, while sales of jeeps and pick-ups fell 63 percent to 1,776 units.
Tractor sales declined 61 percent to 2,990 units, while rickshaw and motorbike sales slid 42 percent to 82,660 units.
Kumar said car sales including non-PAMA members were around 7,000 in June, up 10 percent from May.
Honda Atlas Car posted the highest monthly increase of 253 percent to 307 units in June due to the low base of last month and the availability of CKD parts. Its annual sales were down 57 percent to 16,879 units.
Pak Suzuki Motor Co recorded a slight growth of 2 percent to 3,009 units in June, led by an increase in sales of Bolan and Wagon-R models. Its annual sales were down 57 percent to 65,364 units.
Indus Motor Co, which makes Toyota cars, saw a 7 percent rise in monthly sales to 1,846 units. Its annual sales were down 58 percent to 31,104 units.
Hyundai Nishat Motor also reported an 11 percent increase in monthly sales, with its Tuscon and Elantra models performing well. It sold a total of 401 units in June.
Among tractors, Millat Tractors recorded a 42 percent jump in monthly sales to 2,136 units, while Al-Ghazi Tractors saw a 57 percent drop to 854 units. The total tractor industry sales were down 48 percent to 30,942 units in the fiscal year.
Pakistan’s bike sales were down 15 percent month-on-month and 42 percent year-on-year in June. Atlas Honda recorded sales of 75,000 units, down 14 percent from May and 32 percent from June last year.
Sales of trucks and buses went down 3 percent month-on-month and 75 percent year-on-year to 149 units in June. They were down 41 percent to 3,836 units in the fiscal year.
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