Due to major automakers cutting back on production, record inflation, and steep price increases, the trend of declining car sales is still present.
According to the most recent statistics provided by the Pakistan Automotive Manufacturers Association (PAMA), automakers (association members only) collectively sold 10,953 automobiles in September 2022, experiencing a 6% month-over-month and a 51% year-over-year loss.
2,617 vehicles were sold by Toyota Indus Motor Company (IMC), a 32% MoM reduction in sales. Only 1,280 vehicles were sold by Honda Atlas Cars Limited (HACL), a 29% MoM decline, while 6,006 vehicles were sold by Pak Suzuki Motor Company (PSMC), a commendable 52% MoM improvement in sales.
967 units were sold in September by Hyundai Nishat Motors Private Limited (HNMPL), a 50% MoM fall in sales. The best-selling product for the company was Tucson once more.
Production facing issues
For automakers, the pressures of inflation and import restrictions are a constant hassle. Massive production cuts have been seen by businesses, which could result in significant sales declines in the months to come.
The new system implemented by the State Bank of Pakistan (SBP), which requires approval for CKD import clearance, is being blamed by automakers and cause for the reduction in production of automobiles. Recently, HACL and PSMC announced production halts in October.
These elements suggest that the Pakistani auto industry faces challenging times.