KARACHI: Domestic car sales plunged by 53pc in the fiscal year 2019-20 owing to slow economic activity, higher interest rates and the outbreak of coronavirus.
According to statistics released by Pakistan Automobile Assemblers Association (PAMA) on Monday, the overall sales of cars plunged to 110,583 units in FY20 as compared to 235,229 units in the preceding year.
The major decline came in the sales of Honda Atlas Cars (HCAR), which fell by 63pc to 16,390 units in FY20 when compared with 44,234 units in the preceding fiscal year.
Similarly, Indus Motors (INDU) witnessed a 53pc dip in sales, from 60,993 units in FY19 to 28,378 units in FY20.
The sales of Pak Suzuki Motors registered 49pc decline to 65,815 units during the period under review, as compared with 130,002 units in the preceding fiscal year.
Meanwhile, on a year-on-year basis, domestic car sales witnessed a decline of 52pc to 8,446 units in June 2020, as compared to 17,468 units in June 2019.
However, on a month-on-month, car sales increased by 77pc in June 2020 when compared with May 2020, as car dealerships had remained closed last month due to corona-related lockdowns. The top two car companies, Honda Atlas and Indus Motors, recorded 514pc and 199pc MoM growths, respectively.