Pakistan’s automobile industry reported a significant surge in sales during January, with a total of 10,536 vehicles sold across various segments including cars, jeeps, vans, and pickups.
This represents an 81% increase from the 5,816 units sold in December 2023, as per data released by the Pakistan Automotive Manufacturers Association (PAMA).
Despite this monthly upswing, sales were still 5% lower than the 11,124 units sold in January 2023.
The first seven months of the fiscal year 2023-24 (7MFY24) witnessed a contrasting trend, with sales plummeting by 48% to 49,990 units from 95,240 in the same period of the previous fiscal year.
Analysts attribute the decline to a combination of factors including rising vehicle prices, expensive auto financing, and reduced consumer purchasing power.
January’s sales spike was notably driven by increased demand for new-year registration vehicles, with Toyota Fortuner and Revo models experiencing a significant jump to 619 units from 130 in December 2023.
The surge in sales of these high-end models raised questions about whether the demand was influenced by the upcoming February 8 elections or if it was a typical increase observed every January.
Nevertheless, the seven-month performance for these models remained low, with sales totaling 2,538 units compared to 8,093 in the previous fiscal year.
Indus Motors’ introduction of the Toyota Cross Hybrid to its lineup in January contributed to a boost in sales for Toyota vehicles, including the Corolla and Yaris, totaling 2,143 units for the month, up from 554 in December 2023.
However, overall sales for Toyota during July-January FY24 were down, with 7,422 units sold compared to 13,784 in the same period last fiscal year.
Honda Civic and City also saw a rise in sales in January, with 1,207 units sold, while Suzuki Swift, Hyundai Elantra, and Hyundai Sonata sales remained subdued.
Suzuki Cultus, WagonR, and Bolan experienced a drop in sales, with the WagonR production halted from November 2023 to January.
In contrast, Suzuki Alto 660cc sales increased in January, and Sazgar Haval, Hyundai Tucson, and Hyundai Porter saw varied performances.
The tractor segment, representing the agricultural sector, showed positive growth with sales of Fiat and Massey Ferguson models doubling in the first seven months of FY24.
However, truck and bus sales declined significantly, and while two- and three-wheeler sales saw a jump in January, their seven-month performance remained flat compared to the previous fiscal year.
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