Pakistan’s Auto Industry Records Steep Dip:
Pakistan’s Auto Industry Records Steep Dip
KARACHI: Pakistan’s auto sector recorded a sharp decline in sales falling in the range of 28.4-56.5pc during the first half of 2022-23.
Rising prices coupled with high interest rate keep the buyers at bay from buying or leasing the cars. The expensive curbs on auto financing, non-opening of LCs, production halts as well as late delivery in Japanese models resulted depression in the demand for automobiles.
With a 40pc drop, total car sales stood at 68,900 units in July-December compared to 114,774 units in the same period last year.
The Pakistan Automotive Manufacturers (PAMA) reports a 59pc fall in Toyota Corolla and Yaris sales. The sales fell to 12,065 units from 29,126 in 6MFY22, year on year basis. Similarly, Honda Civic/City sales decreased by 49pc, with 8,906 units sold from 17,620 for the period.
However, the new model of Suzuki Swift posted robust sales of 7,136 units from 497 units in 1HFY22 despite a decline in December sales to 1,428 from 2,242 units in November.
Hyundai Elantra sales came down by 15pc to 1,297 in the last six months from 1,508 units while its December sales soared to 142 from 101 units in November. Hyundai Sonata sales stood at 551 units showing a drop of 56pc from 1,240 in July-Dec FY22.
The first six months of FY23 proved disappointing for Pak Suzuki. The company records a drop in range of 65pc to 68pc in sales of Suzuki Cultus and WagonR. The unit sale recorded 3,769 from 5,143 units in 6MFY23 and from 14,516 to 11,629 units for same period last.
Dip was also noted in under 1000cc and 600cc cars. Total Jeeps sales remained 28.4pc lower. Total 15,188 units sold in 6MFY23 from 21,202 units in the same period of last fiscal year.
In the current crisis the Hyundai Tucson showed sales increase of 69pc with 2,230 in 6MFY23 versus 1,321 units in the same period last fiscal year.
Toyota Fortuner and Revo sales fell by 30pc in 1HFY23 compared to the same period last with sales 69pc.
Total bus sales of PAMA members grew by 23pc to 320 units from 260 units in July-Dec FY22. While truck sales, a barometer of the country’s import/export, decreased by 42pc to 1,627 units from 2,802 units in 6MFY22.
Dip in Agromotive demand
The country’s agriculture indicator remained subdued due to a 44pc and 63pc fall in Fiat and Massey Ferguson sales. Assemblers continued to observe non-production days due to parts shortage and falling sales trends.
Sales of two- and three-wheelers dipped 33pc to 627,835 units in 6MFY23 as compared to 938,355 units. Honda bike sales came down by 23pc to 522,770 units as compared to 678,655 units in 6MFY22.
