Despite increasing month over month in October, automobile sales fell 47% between July and October 2022, from 74,952 to 39,700, because of inflation, limits on auto financing, and high-interest rates.
Interestingly, the number of cars sold increased from 9,213 in September to 11,129 in October, which is still much behind the 17,413 sales in October 2021.
Sales and output both increased in October, indicating a little improvement. This is because since the State Bank of Pakistan (SBP) increased import limits, automobile assemblers have been allowed to supply vehicles. This made it easy for vehicle manufacturers to remove their automotive components from the port.
Honda Civic and City sales decreased from 10,444 in July-October 2021 to 4,416 in July-October 2022 in the interim. Toyota Corolla and Yaris sales also plunged dramatically, from 19,214 to 8,253.
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 compared to 4,012 and 20,773 from July to October 2022, while sales of jeeps and pickup trucks fell by 45% from 14,969 to 8,234 units in the same time.
To read our blog on “Imports of automobile parts decreased in Q3 2022,” click here