According to the data, sales still fell by 49% in the first seven months of the fiscal year
- Passenger car sales increased by 30% to 7,802 units in January 2024.
- In the first seven months of FY24, 38,464 units were sold.
- Sales in January increased by 59% compared to December 2023.
ISLAMABAD: Car sales increased by 30% in January this year compared to the same month last year due to lower base effect and new model launches. news It was reported on Wednesday.
But sales still fell 49% in the first seven months of the fiscal year, according to industry data on Tuesday.
According to data released by Pakistan Automobile Manufacturers Association (PAMA), passenger car sales increased by 30% to 7,802 units in January 2024, compared to 6,021 units in January 2023.
A total of 38,464 units were sold in the first seven months of FY2024, down 49% from 74,933 units in the same period in FY2023.
Unit sales in January 2024 increased by 59% compared to December 2023, with sales of 4,916 units.
Mashood Ali Khan, an automotive expert and former chairman of PAAPAM (Pakistan Automotive Parts and Accessories Manufacturers Association), said in January last year that there were major problems with CKD and the Pak Suzuki factory was almost shut down. As a result, sales are sluggish. It has increased in January this year, which is a positive sign. However, the seven-month sales figures are not encouraging.
He said economic and political uncertainty was responsible for the decline in car sales over the past seven months, and that the crisis in the auto industry was not over yet.
“We need to look to the next quarter as the crisis continues due to political and economic uncertainty,” he said.
In January 2024, the number of vehicles sold over 1300cc was 4,091 units, a decrease of 3% compared to 4,207 units in the same period last year.
Sales of 1,000cc cars in January 2024 were 593 units (including 273 Suzuki Cultus and 320 Suzuki Wagon R), compared to 1,214 units in the same month last year.
Last year, 3,118 units of vehicles under 1,000cc were sold compared to 600 units. Suzuki Alto sales increased many times to 2,983 units in January 2024 compared to 44 units in January 2023. The company witnessed production hiccups last year due to raw material availability.
The number of buses and trucks decreased from 470 units in January 2023 to 242 units in January 2024. Jeep and pickup truck sales fell to 2,734 units from 5,103 units a year earlier.
Tractor sales increased to 3,814 units from 3,406 units in January 2023. Sales of rickshaws and motorcycles declined to 104,619 units in January 2024 as against 109,558 units in the same period last year.
According to Topline Securities, monthly car sales were the highest in 11 months. Car sales, including non-PAMA members, reached 11,700 units in January 2024, an increase of 72% from the previous month. Car sales generally increase in January because people wait for the new year and buy new year registration cars.
Indus Motors (INDU) recorded the highest growth in car sales in January 2024, increasing +304% month-on-month to 2,762 units, mainly due to the launch of the new Corolla Cross.
Rising car prices, expensive car loans, and low consumer purchasing power contributed to the decline in sales in the July 2024 fiscal year.
Pakistan’s tractor sales increased by 46% month-on-month and 12% year-on-year to 3,814 units in January 2024. In July 2024, tractor sales amounted to 27,225 units, an increase of 82% over the previous year. This is mainly due to last year’s lower base due to flooding.