The auto industry has experienced a major fall in car sales in the wake of persistent economic uncertainty, marking yet another important setback.
Recent statistics from the Pakistan Automotive Manufacturers Association (PAMA) reveal an interesting pattern, with only 5,092 vehicles being sold by all of the association’s exclusive member carmakers in July 2023. This number shows a significant decline both when compared to the preceding month, when sales fell by 16%, and when compared to the same time last year, when they fell by a startling 57%.
Among the leading companies in the sector, the Toyota Indus Motor Company (IMC) reported sales of 1,368 vehicles, a 26% month-over-month decline in sales. The Honda Atlas Cars Limited (HACL), on the other hand, announced the sale of 494 vehicles, representing an unexpected increase in monthly sales of 61%. With a total of 2,444 cars sold, the Pak Suzuki Motor Company (PSMC) had a fall in sales of 19% for the month.
Hyundai Nishat Motors Private Limited (HNMPL) also created a name for itself by selling 569 automobiles in the preceding month, representing a modest 2% growth in sales over the same period last year. The company’s performance has been fueled by the Tucson model’s tremendous success.
Also Read
Although there has been a minor increase in sales, the local auto industry’s overall trajectory is still depressing. Production delays continue as automakers struggle with inventory shortages, which are made worse by rising costs and taxes that have stifled customer demand.
The sector is still facing many hurdles, according to experts, who also warn that price increases and further production roadblocks may be on the horizon. The industry will continue to face difficult challenges as it travels through these powerful headwinds.
