Karachi, October 10, 2024 – Pakistan’s automobile industry recorded a significant rise in car sales during September 2024, with total sales reaching 10,297 units. This marks a 24% year-on-year (YoY) increase and an 18% month-on-month (MoM) rise, according to the latest data from the Pakistan Auto Manufacturers Association (PAMA). The surge in car sales is attributed to a backlog of Suzuki car deliveries, which were processed this month, analysts at Topline Securities Limited reported.
The growth in September takes the total sales for the first quarter of FY25 (July-September) to 27,585 units, representing a 31% YoY increase compared to 20,982 units in the same period last year (1QFY24).
Among the top performers, Sazgar Engineering Works Limited (SAZEW) saw a remarkable YoY rise of 174%, driven by the strong performance of its Haval brand. However, the company’s sales declined by 13% MoM, reaching 827 units in September.
Pakistan Suzuki Motors Company (PSMC) posted the highest MoM growth, with a 37% rise, and an 18% YoY increase, selling 5,013 units. Notably, Suzuki’s Ravi model saw an exceptional surge, with a 57% YoY increase and a staggering 58-fold MoM growth. The Suzuki Alto also performed strongly, registering a 23% YoY and 56% MoM increase.
Indus Motor Company (INDU), the maker of Toyota vehicles, recorded sales of 2,369 units, reflecting a 48% YoY increase and an 11% MoM rise. The sales were largely driven by strong demand for the Corolla, Yaris, and Corolla Cross models, with Yaris in particular seeing increased demand due to the launch of a new variant. Promotional campaigns for the Corolla Cross also boosted sales, which rose by 79% YoY and 20% MoM.
Honda Atlas Cars (HCAR) reported mixed results with 1,269 units sold, representing a 5% YoY decline, but an 11% MoM increase. Meanwhile, Hyundai Nishat Motors saw a 17% YoY decline but posted a 15% MoM rise, with 677 units sold in September.
In the motorcycle segment, sales of two- and three-wheelers increased by 22% YoY and 26% MoM, totaling 130,960 units in September, the highest level in 27 months. This growth was driven by lower fuel prices and a decline in inflation, improving consumers’ purchasing power.
On the other hand, the tractor industry struggled, with Millat Tractors (MTL) and Al Ghazi Tractors (AGTL) witnessing sharp declines in sales due to an increase in sales tax from 10% to 18%. Tractor sales fell by 80% YoY and 60% MoM in September.
In contrast, the truck and bus segment saw a healthy 74% YoY and 6% MoM increase, with sales reaching 319 units in September.