KARACHI, August 13(ABC): Owing to extravagant auto prices, high-interest rates, and waning affordability, passenger car sales plunged by 50% to 10,377 units in July compared to 20,669 units in the same month last year, reported, citing monthly data.
Data released by Pakistan Automotive Manufacturers Association (PAMA) showed that the sales of all vehicles including passenger cars, trucks, jeeps, pick-ups, tractors, and two-wheelers as well as three-wheelers dropped during the period under review.
Topline Securities auto analysts said car sales including those of non-PAMA members clocked in at around 14,000 units, down 59% month-on-month, primarily because of production issues, higher car prices, the low purchasing power of consumers, and fewer working days due to Eid-ul-Adha holidays.
On a yearly basis the sales slumped 52%, the analysts added.
During the month under review, sales of 1,300cc and above cars were recorded at 4,463 units, down 39%, compared to 7,265 units sold in the same period last year.
It included 2,408 units of Honda Civic and City, 321 units of Suzuki Swift, and 1,734 units of Toyota Corolla and Toyota Yaris. There were no reports of any sales of Hyundai’s Elantra and Sonata, while results for BAIC D20 are awaited.
During this period, only 943 units of 1,000cc cars were sold, which included 661 units of Suzuki Cultus and 282 units of Suzuki WagonR.
Sales of below 1,000 cc category cars reached 4,971 units, including 353 units of Suzuki Bolan and 4,618 units of Suzuki Alto.
Meanwhile, sales of buses and trucks saw a decrease to 379 units during the first month of the fiscal year 2022-23 from 601 in July 2021.
The sales of jeeps and pick-ups nosedived to 1,506 units from 4,250 units sold during the same period last year, while that of tractors dropped to 2,254 units from 4,332 in July last year.
The sales of rickshaws and motorbikes fell to 96,162 units during July 2022 against 145,197 in the same period last year.