Due to Pakistan’s ongoing economic crisis, the automotive sector is still in a nightmare slide.
According to the most recent statistics from the Pakistan Automotive Manufacturers Association (PAMA), automakers (association members only) sold just 4,463 vehicles in April 2023, a 52% month-over-month and 80% year-over-year reduction.
With 1,948 vehicles sold, Toyota Indus Motor Company (IMC) reported a 2% MoM gain in sales. Only 207 vehicles were sold, a 75% MoM decrease for Honda Atlas Cars Limited (HACL). Similarly, Pak Suzuki Motor Company (PSMC) had a whopping 74% fall in monthly sales while selling a respectable 1,474 automobiles.
725 vehicles were sold last month by Hyundai Nishat Motors Private Limited (HNMPL), a 13% MoM decline in sales. Tucson continued to be the company’s top choice.
The automotive sector has had to raise prices as a result of local currency volatility and tax increases. A number of significant automakers, including Honda, Suzuki, and others, have raised the pricing of their automobiles by considerable percentages.
This prognosis makes the prospects of the auto industry seem dismal for the foreseeable future.