Car sales in Pakistan surge 57% YoY in February
- However, during first eight months of fiscal year 2024, total car sales stood at 59,699 units, a 41% decline compared to the same period last year when sales stood at 101,426 units
Car sales in Pakistan witnessed a massive increase of 57% year-on-year (YoY) in February 2024, as the total number of units sold in the said month reached 9,709 units, compared to 6,186 units in February 2023, data released by the Pakistan Automotive Manufacturers Association (PAMA) on Monday showed.
As per PAMA data, leading the surge was Pak Suzuki that experienced an astonishing 399% increase, with its sales jumping from 978 units in February 2023 to 4,885 units in February 2024.
“The affordable vehicles of Pak Suzuki have shown great improvement, particularly Alto, which recorded sales of 3,373 units, marking a 520% increase year-on-year,” noted Muhammad Abrar Polani, a research analyst at brokerage house Arif Habib Limited (AHL).
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Indus Motor Company (IMC), which sells Toyota cars in Pakistan, also saw a notable 13% increase in sales, rising to 2,036 units from 1,803 units last year.
However, Honda Cars experienced a 7% decline in its sales, dropping from 1,636 units last year to 1,517 units this year.
Despite the YoY growth, car sales in Pakistan saw a 7% decline on a month-on-month (MoM) basis.
Indus Motor’s car sales, in particular, plummeted by 26% MoM, which analysts attribute to the high base of the previous month due to the launch of the new Corolla Cross.
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For the first eight months of the fiscal year 2024, total car sales stood at 59,699 units, reflecting a 41% decline compared to the same period last year, when sales reached 101,426 units.
Sunny Kumar, a research analyst at Topline Securities, attributed the decline to escalating car prices, expensive auto financing, and low consumer purchasing power.
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On the other hand, tractor sales experienced a 1% increase YoY, totaling 3,366 units in February. In the first eight months of FY24, tractor sales reached 30,591 units, marking a significant 68% increase YoY, primarily due to a low base last year caused by floods.
In contrast, motorcycle sales witnessed a 9% YoY decline and a 10% month-on-month decrease, totaling 93,764 units in February 2024.
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