Car sales surge 116% in May 2024, reaching 17-month high

Passenger car sales by Pakistan Automotive Manufacturers Association (PAMA) member companies surged 116% year-on-year in May 2024, reaching their highest level in 17 months. 

According to the latest data released by PAMA, passenger car sales in May 2024 reached 8,487 units, up from 3,934 units in May 2023. 

However, total sales in the 11 months of FY23 were 71,449 units, a 23% decline from 92,554 units in the same period of FY22.

On a month-on-month basis, May 2024 sales were 4% lower, with 8,487 units sold compared to 8,873 units in April 2024.

In May 2024, sales of 1300 cc and above cars reached 3,496 units, a 142% increase from 1,445 units in May 2023. 

Sales of 1,000 cc cars totaled 482 units, including 229 units of Suzuki Cultus and 253 units of Suzuki WagonR, compared to 430 units in the same month last year. 

Vehicles below 1,000 cc saw sales of 4,509 units, up 119% from 2,059 units last year, with Suzuki Alto leading at 4,062 units in May 2024, compared to 1,902 units in May 2023.

Honda Atlas Cars (HCAR) saw an 18% month-on-month increase to 1,187 units in May 2024. 

Pak Suzuki (PSMC) and Hyundai Nishat Motor sales remained flat at 6,010 units and 683 units, respectively, while Indus Motors (INDU) sales decreased by 1% month-on-month to 2,047 units in May 2024.

The significant year-on-year increase in total car sales is attributed to a low base from last year due to plant shutdowns. However, the decline in 11MFY24 was primarily due to escalating car prices, expensive auto financing, and low consumer purchasing power.

Rickshaw and motorbike sales also increased to 118,811 units in May 2024 from 97,189 units last year.

Sales of buses and trucks increased to 247 units in May 2024 from 153 units in the same month last year, while sales of jeeps and pick-ups rose to 2,462 units from 1,530 units. 

Tractor sales dropped to 3,078 units from 3,508 in May 2023 but remained higher month-on-month than 3,083 units in April 2024. 

Millat Tractors (MTL) recorded sales of 2,347 units, up 56% year-on-year and 15% month-on-month. 

In contrast, Al-Ghazi Tractors (AGTL) recorded sales of 731 units, down 64% year-on-year and 30% month-on-month in May 2024. 

Total tractor industry sales in 11MFY24 reached 41,360 units, up 48% year-on-year due to the low base from last year’s floods.