Due to the prevailing economic uncertainty, car sales have taken yet another massive dip. According to the latest data from the Pakistan Automotive Manufacturers Association (PAMA), carmakers (association members only) collectively sold just 5,092 vehicles in July 2023, witnessing a month-over-month (MoM) decrease of 16% in sales, but a year-over-year (YoY) decrease of 57%
Toyota Indus Motor Company (IMC) sold 1,368 cars, reporting a 26% MoM decrease in sales. Honda Atlas Cars Limited (HACL) sold only 494 cars, seeing a 61% MoM increase in sales. Pak Suzuki Motor Company (PSMC) sold 2,444 cars, observing a 19% decrease in monthly sales.
Hyundai Nishat Motors Private Limited (HNMPL) sold 569 cars last month, recording a 2% MoM increase in sales. Once again, Tucson remained the company’s front-runner.
Although sales have risen slightly, the overall trajectory of the local car industry is still bleak. Car companies are still observing production shutdowns due to inventory shortages, while the rising prices, as well as taxes, have dampened the demand.
Experts suggest that the tough times are not over yet, as more production hiccups and price hikes are inbound.
