The car industry decline continues, with sales having slumped once again last month due to diminished production and demand.
The latest data from Pakistan Automotive Manufacturers Association (PAMA) suggests that carmakers (association members only) collectively sold just 5,762 vehicles in February 2023, witnessing a month-over-month (MoM) decrease of 47%, but a year-over-year (YoY) decrease of 73%.
Toyota Indus Motor Company (IMC) sold 1,803 cars, reporting a 49% MoM decline in sales. Honda Atlas Cars Limited (HACL) sold 1,636 cars, seeing a 39% MoM decline, while Pak Suzuki Motor Company (PSMC) sold a shockingly low 978 cars, observing a massive decline of 67% in monthly sales.
Hyundai Nishat Motors Private Limited (HNMPL) sold a respectable 1,271 units last month, recording an 11% MoM increase in sales. Once again, Tucson remained the company’s front-runner.
The monthly sales of some popular cars are as follows:
|Passenger Vehicle Sales|
|Passenger Vehicles||Units Sold in January 2023||Units Sold in February 2023||Month-on-Month % Difference|
|Corolla and Yaris||1,719||1,091||-37%|
|Fortuner and Hilux||1,851||712||-62%|
|Civic and City||1,620||1,244||-23%|
|HR-V & BR-V||1,084||392||-64%|
The local currency instability and tax hikes have forced the car industry to increase prices. Recently, various major carmakers including Kia, Peugeot, Toyota, Haval, etc. increased the prices of their vehicles by considerable margins, with other carmakers to follow soon.
This will likely take a toll on car demand and sales further.
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