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HomeNationalIncreased prices and high-interest rates; car sales decrease by 50%

Increased prices and high-interest rates; car sales decrease by 50%

Production issues, higher prices, and less purchasing power caused sales of non-PAMA members reduced by 59%, Topline Securities

Car sales have come down by 50 percent to 10,377 units in July compared with 20,669 units in the corresponding month of last year because of increased car prices and high-interest rates.

Pakistan Automotive Manufacturers Association (PAMA) has released data showing that the sales of passenger cars, trucks, jeeps, pick-ups, tractors as well as two-wheelers have dropped significantly to almost half during the period under review.

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According to Topline Securities auto analysts, production issues, higher prices and less purchasing power have caused the car sales of non-PAMA members to reduced by 59 percent to around 14,000 units. It also has stated that the factor of fewer working days because of the Eid-ul-Adha holidays has also affected car sales.

Sales of 1,300cc and above cars came down by 39 percent to 4,463 units whereas the number remained at 7,265 in the same period of last year. The report has said that the sales came down by 52 percent on yearly basis.

According to the details given, 2,408 units of Honda Civic and City; 321 units of Suzuki Swift; and 1,734 units of Toyota Corolla and Toyota Yaris were sold. 943 units of 1,000cc cars have been sold whereas 4,971 units below 1,000cc cars were sold in July this year.

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In July the sales of trucks and buses came down to 379 units from 601 units in July 2021. 1,506 Jeeps have been sold compared with 4,250 and 2,254 tractors compared with 4,332 were sold. Rickshaws and motorbikes dropped from 145,197 last year to 94,162 units.

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