HomeTechAutomobilesAuto sector witnesses 39% increase in car sales amid Economic Crisis

Auto sector witnesses 39% increase in car sales amid Economic Crisis

In November 2022 compared to the same month in 2021, sales of passenger cars climbed somewhat by 39%, according to figures from the Pakistan Automotive Manufacturers Association (PAMA).

Analysts predict more improvement in the coming months as a result of the automakers’ improved access to raw materials as a result of a rise in the issuance of letters of credit. The rise was 39% month over month in percentage terms.

The News reports that, aside from the Suzuki Alto, sales of all other makes and types of automobiles, trucks, buses, tractors, jeeps, pickups, three-wheelers, and two-wheelers declined in November 2022 compared to November 2021.

On the other hand, car sales in the first five months of FY23 decreased by 39% to 55,144 units from the 90,303 units sold in the same time last year.

In comparison to the same month last year, when 15,351 passenger cars were sold, there were 15,444 sales on November 22. This is an increase of 0.60 percent, or 93 units. Sales increased by 39 percent, or 4,315 units, in November 2022 from the 11,129 units sold in October 2022.

5,831 units of cars of 1300cc or more in displacement were sold during this time period, a 28% drop from the 8,102 units sold during the same period the year prior.

1,854 units of 1000cc cars were sold in November 2022, down from 3,641 units during the same month prior year (1,136 units of the Suzuki Cultus and 718 units of the Suzuki WagonR).

Sales of sub-1 000cc vehicles increased by 4,150 units, or 115%, to 7,759 units, from 3,609 units the year before.

The new Suzuki Alto sold 7,255 units, a staggering 282% increase over the 2,420 units sold the year before.

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From 532 units in November 2021 to 342 units in November 2022, sales of buses and trucks decreased. In 2022, 2,947 Jeep and pickup truck units were sold, down from 3,363 during the same month last year.

Contrarily, sales of tractors dropped from 4,617 units in November of the previous year to 1,240 units in November of this year. 110,529 motorcycles and rickshaws were sold in November 2022 as opposed to 166,731 in the same month the year before.

A Topline Securities analysis found that overall vehicle sales in Pakistan grew by 35% month over month to almost 20,000 units, largely due to the availability of more CKD parts in November 2022 than in October 2022, which led to higher output.

Pak Suzuki reported a gain of 55% month over month to 12,400 units in November 2022. Honda Cars recorded a growth of 38% month over month to 1,973 units.



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