Car Sales Crash to Less
Car Sales Crash to Less-Owing to the current economic instability, vehicle transactions have once more experienced a significant decline.
As per the most recent figures from the Pakistan Automotive Manufacturers Association (PAMA), auto manufacturers (limited to association members) jointly marketed merely 5,092 automobiles in July 2023, undergoing a 16% MoM drop in sales, but a 57% YoY contraction. Toyota Indus Motor Company (IMC) retailed 1,368 vehicles, revealing a 26% MoM reduction in sales. Honda Atlas Cars Limited (HACL) distributed only 494 automobiles, noting a 61% MoM upswing in sales. Pak Suzuki Motor Company (PSMC) dispensed 2,444 automobiles, observing a 19% decline in monthly sales.
Hyundai Nishat Motors Private Limited (HNMPL) traded 569 vehicles last month, registering a 2% MoM expansion in sales. Once again, Tucson persisted as the corporation’s primary choice.
The sales of some popular cars are as follows:
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.
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Experts suggest that the tough times are not over yet, as more production hiccups and price hikes are inbound.