Car sales see 30% decline YoY in Sept amid high prices. Car sales in September decreased by 30% from the same month last year due to high pricing and interest rates.
In comparison to the 9,213 cars sold in the same month previous year, 6,410 cars were sold in September 2023, according to the Pakistan Automotive Manufacturers Association (PAMA).
However, because of the easing of import restrictions, sales increased by 8% in September compared to August.
Sales of passenger cars fell 44% to 16,021 units in the first quarter of the fiscal year 2023–2024 from 28,571 units in the same period the previous year.
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Sales of vehicles with engine displacements of 1,300 cc and higher decreased by 38% to 2,939 units from 4,715 units the year prior. However, compared to 2,310 units in August, it climbed by 27%.
In comparison to 1,517 units sold in the same month last year, 691 1,000cc units were sold in September. 2,780 units of vehicles under 1,000cc were sold, which is a decrease of 7% from the 2,981 units sold the previous year. In comparison to 2,935 units in August, this category of vehicles likewise saw a monthly dip.
In September 2023, at least 185 buses and trucks were sold as opposed to 378 in the same month the year before. Sales grew month over month compared to 167 units in August.
As Car sales see 30% decline YoY in Sept amid high prices, on the other side, fewer Jeeps and Pickups were sold than during the same time period previous year, with 1,902 units sold as opposed to 2,075 units.
But on a month-to-month basis, it showed an increase, just like all other categories. Tractor sales increased from 2,149 units in September of previous year to 5,445 units this September.
In contrast to the 99,581 units sold during the same period last year, 107,084 units of rickshaws and motorcycles were sold during the week of September 23.
Sunny Kumar, a Topline Securities analyst, attributed the monthly rise in auto sales to the resolution of import problems for completely knocked-down (CKD) kits, which are used by automakers to assemble cars.
“However, escalating car prices, expensive auto financing and the low purchasing power of consumers are among the primary reasons for the decline in year-on-year sales,” he added.
Honda Atlas Car (HCAR), one of the manufacturers, saw the biggest month-over-month growth of 99%, selling 1,342 units in September 2023. However, this was partly because of the low base the firm had the month before, when it was only able to sell 674 units.
Only Pak Suzuki (PSMC) experienced a monthly loss of 1% to 4,234 units in September 2023, with sales of the Alto falling by 8%. Other variations, such as Ravi, Bolan, and Cultus, had increases of 58% monthly, 38% monthly, and 9% monthly, respectively.
In September 2023, sales of the Swift and Wagon-R were 506 and 359 units, respectively, with no monthly change.
