By Staff Reporter
KARACHI: Car sales rose 60% year-on-year in July, but fell 36% month-on-month after a tax increase, industry data showed.
The decline followed a tax hike in the FY25 budget, which led to pre-buying in June, when sales hit an 18-month high of 18,589 units.
Pakistan Automotive Manufacturers Association (PAMA) data showed that Hyundai Nishat Motor sales plummeted 50% month-on-month to 529 units, while Indus Motor Company sales fell 44% to 1,664 units.
Honda Atlas Cars sales dropped 15% to 931 units, and Sazgar Engineering sales declined 5% to 825 units.
Motorcycle sales fell 5% month-on-month but rose 15% year-on-year to 84,993 units in July. Atlas Honda sales dropped 12% to 70.3K units.
Tractor sales nosedived, with Millat Tractors sales down 63% year-on-year and 78% month-on-month to 605 units. Al Ghazi Tractors sales fell 16% year-on-year and 40% month-on-month to 855 units. Total tractor industry sales slumped 45% year-on-year and 65% month-on-month to 1,460 units.
Truck and bus sales edged up 3% month-on-month and 57% year-on-year to 307 units.
The year-on-year increase in car sales is attributed to the low base effect of the industry due to plant closures caused by inventory shortages.
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