According to PAMA, Pakistan car sales decreased by 24% MoM to reach 4.85K units in Oct’23. Similarly, there was a significant year-on-year decline of 56% during the same period. In Oct’23, all automotive companies experienced a massive decrease in sales on a MoM / YoY basis, respectively.
Cumulatively, during 4MFY24, total car sales amounted to 20.8K units, reflecting a 47% YoY decline compared to the 39.7K units in SPLY. The significant deviation in sales can primarily be attributed to a slowdown in economic activities, price increases driven by rising costs, and the higher cost of auto financing.
Segment-wise, PSMC experienced a decline of 52%/10% YoY/MoM, with sales reaching 3.8K units. Similarly, the company experienced a substantial drop of 40% YoY during 4MFY24, with sales amounting to 14.75K units, as compared to the 24.64K in SPLY.
Honda Atlas Car recorded total sales of 459 units down by 66% MoM. While, in 4MFY24, HCAR sales plunged by 58% YoY to 2.97K units as against 7.05K units in SPLY.
Indus Motors (INDU) posted a decline of 69% YoY to 1.04K units in Oct’23 compared to 3.4K in Oct’22. Whereas, Sales declined by 58% YoY in 4MFY24 to 5.56K units.
Tractor sales massively recovered by 175% YoY in Oct’23. Whereas, AGTL sales improved by 469% YoY, followed by MTL sales by 100% YoY in Oct’23, respectively. Moreover, the strong farm income has started to reflect in the tractor sales. We highlight that the high agro-income and output may start to reflect in other sectors too, including autos.
Truck sales were down by 39% YoY while Buses sales declined by 62% YoY in Oct’23. This took 4MFY24 sales of Trucks to 608 units down 45% YoY, and Buses sales to 122
units down by 42% YoY, amid a drop in transportation activity followed by a slowdown in the economy.
Motorbike sales clocked in at 102K in Oct’23, down by 10% YoY. Overall, bike sales were down by 10% YoY in 4MFY24 to 371K as compared to 410K in SPLY.
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