In March, sales of cars, light commercial vehicles (LCVs), pickups, and jeeps experienced a slight decline of three percent, totaling 9,379 units compared to 9,709 units in February. However, this figure was only one percent lower than the 9,472 units sold in March 2023.
Over the span of nine months (July-March) of fiscal year 2024, the cumulative sales in this segment witnessed a significant drop of 38 percent, plummeting to 69,078 units from 110,898 units in the corresponding period of the previous fiscal year. This decline can be attributed to several factors including the prevailing high interest rates at 22 percent, escalating prices, and a decrease in consumers’ purchasing power, which has resulted in a downward trend in auto financing.
Data released by the Pakistan Automotive Manufacturers (PAMA) revealed contrasting trends within the automotive industry. While tractor sales surged by 66 percent to 35,199 units during July-March, compared to 21,233 units in the same period last year, sales of trucks, buses, and two/three-wheelers experienced declines of 45 percent, 39 percent, and 10 percent, respectively.
In the 1,300cc and above category, sales of Honda Civic and City witnessed a notable decrease of 31 percent, with 8,514 units sold compared to 12,381 units in the first nine months of fiscal year 2024. Similarly, Suzuki Swift sales contracted by 58 percent, declining to 3,586 units from 8,584 units in the same period.
