Islamabad July 11 2023: As per the latest data shared by Pakistan Automotive Manufacturers Association (PAMA), car sales plunged by 58.8 percent, the steepest fall in country’s history, 96,812 units during the fiscal year 2023.
Auto sales decreased due to issues in opening of Letter of Credits, record high domestic prices and shrinking income levels due to mounting inflation and decelerating economic growth.
Last year, car sales recorded at 234,000 the high of all time on incentives provided by the government by relaxing terms of Auto Financing and lean interest rate cycle.
The breakup figures showed that 12,823 units of Honda Civic and City were sold during the corresponding period of the year 2022-23 as compared to the sale of 35,197 units last year, thus showing a dip of 63.56 per cent.
Toyota Corolla and Yaris cars sales also decreased by 66.67 per cent as it went down to 18,838 units from 56,528 units in the same period of the previous year.
However, Suzuki Swift’s sales went up by 50.87 per cent as sales increased to 9,339 units from 6,190 units last year.
Sale of Suzuki Cultus decreased to 6,956 units during the period under review, whereas during the same period last year, the sale was recorded at 23,169 units while the sale of Suzuki Wagon-R also decreased to 5,434 units from 23,131 units.
Suzuki Alto’s sales also witnessed a sharp decline of 50.30 per cent from 71,198 units to 35,379 units during the year under review, whereas the sale of Suzuki Bolan decreased to 4,447 units as opposed to the sale of 12,361 units in the same period of last year.