Sales of automobiles in Pakistan went down in September
Sales of Pakistani cars, including sales of non-PAMA members (Pakistan Automotive Manufacturers Association), reached 13,000 units, down 51% in September 2022 from the same period a year ago.
This happens amidst escalating car prices, expensive car financing, and low consumer purchasing power.
“The drop was mainly due to the unavailability of Complete Knocked Down (CKD) kits which led to days of non-production by car manufacturers,” explained Sunny Kumar, Deputy Head of Research at Topline Securities.
Compared to the month before, auto sales dropped 7% in September 2022, bringing car sales in Q1 F’22-23 to 34,472 units, down 50% year-on-year from 68,897 units in the same period last year.
According to Topline Research, all companies reported a monthly decline, except for Peak Suzuki Motor Company (PSMC) whose sales increased by 52% month-on-month to 6,006 units in September 2022 due to low base as plant closure amid unavailability of CKD parts.
Honda Atlas Cars (HCAR) was also down 29% from the previous month to 1,280 units in September 2022, primarily due to a 79% decline in BRV sales from the previous month.
In comparison, total revenue in August 2022 was 3,876 units. In comparison, the total turnover in August 2022 stood at 3,876 units. Hyundai sales also declined to 967 units in September 2022, largely due to a 62% decline in Tucson sales.
Among tractors, Millat Tractors (MTL) recorded a decrease of 75% compared to the previous month and 72% compared to the previous year to achieve a turnover of 638 units due to power plant shutdowns for 23 days in September due to flooding.
Al-Ghazi Tractors (AGTL) posted sales of 1,511 units, up 6% month-on-month and down 29% year-on-year, according to Topline Research.