Pakistan Automotive Manufacturers Association (PAMA) statistics shows that the launch of new variations, a reduced base effect, and economic recovery contributed to a 28% increase in passenger car sales in August 2024, to 12,274 units, compared to the previous month.
Topline Research analyst Myesha Sohail attributes the surge in sales to stronger economic conditions, a reduced base effect, and the introduction of new models to the market. These factors collectively represent a massive turnaround in the car business.
Mashood Khan, an auto industry analyst, said in an interview with a TV channel that the auto industry would even do better if loan rates drop to a single digit.
According to the PAMA, sales of trucks and buses climbed by 72% to 500 units, while sales of buses jumped by 67% to 107 units. Pickup and jeep sales increased by 64% to 5,014 vehicles.
In the meantime, sales of two- and three-wheel vehicles, such as rickshaws and motorbikes, increased 17% to 189,227 units. Sales of agricultural tractors, meanwhile, fell to 4,130 units over the same time period, indicating a 38% fall.
Sazgar Engineering saw the most increase, rising 606% YoY to 953 units, according to Topline Research. Sales of Honda Atlas cars also increased, with 1,148 units sold, a 70% YoY & 23% MoM go up.
Strong sales of the Corolla and Yaris models helped Indus Motor Company achieve a 38% YoY and 28% MoM increase with 2,129 units sold.
However, not every automaker experienced success. Pakistan Suzuki Motors Company sold 3,653 units, a 14% YoY decrease in sales. With a 12% MoM increase and a 24% YoY drop, Hyundai Nishat Motor had contradictory outcomes.
