As the automakers simplify their production and inventory management in accordance with the State Bank of Pakistan’s (SBP) auto-sector import conditions, the trend of declining automobile sales has been partly reversed.
According to the most recent figures from the Pakistan Automotive Manufacturers Association (PAMA), automakers (association members only) sold 13,369 automobiles in total in October 2022, a rise of 21% month over month but a decline of 36% year over year.
3,374 vehicles were sold by Toyota Indus Motor Company (IMC), representing a 29% MoM increase in sales. Pak Suzuki Motor Company (PSMC) sold 8,003 automobiles, recording a strong 33% MoM recovery in sales, compared to Honda Atlas Cars Limited (HACL), which sold just 1,425 cars with an 11% MoM decline.
Only 486 units were sold in September by Hyundai Nishat Motors Private Limited (HNMPL), a 50% MoM reduction in sales. The best-selling product for the company was Tucson once more.
Honda Civic and City sales decreased from 10,444 from July to October 2021 to 4,416 from July to October 2022.
Toyota Corolla and Yaris sales also plunged dramatically, from 19,214 to 8,253 vehicles.
Additionally, sales of the Suzuki Cultus and WagonR decreased from 11,454 and 6,779 during the same time period last year to 2,952 and 2,181 this year.
Sales of the Suzuki Bolan and Alto decreased from 1,469 to 13,464 units last year to 4,012 and 20,773 units from July to October 2022, while sales of jeeps and pickup trucks fell by 45% from 14,969 to 8,234 units during the same time period.
Sales and output both increased in October, indicating a slight improvement.
Relaxation Imports by SBP
This is due to the fact that since the State Bank of Pakistan (SBP) increased import quotas, automobile assemblers have been allowed to deliver vehicles. As a result, auto manufacturers could transport their parts from the port.
As automakers continue to step up the pace, selling of cars is anticipated to increase even more.
To read our blog on “During July and October 2022, car sales mark a massive decline,” click here.