Karachi, January 14, 2025 – Pakistan has recorded a remarkable 54% increase in car sales during the first half (July – December) of the fiscal year 2024-25.
According to data from the Pakistan Auto Manufacturers Association (PAMA), total car sales during this period reached 60,676 units, significantly higher than the 39,454 units sold in the same period of the previous fiscal year.
In December 2024 alone, car sales stood at 9,800 units, reflecting a 3% Month-on-Month (MoM) decline but an impressive 69% Year-on-Year (YoY) increase. Analysts at Arif Habib Limited noted that these figures exclude the sales data of Sazgar Engineering Works Limited (SAZEW). Without SAZEW, auto sales still showed a 3% MoM and 70% YoY growth.
The surge in car sales has been attributed to several factors, including a relative increase in consumer purchasing power, the introduction of new car models, and lower interest rates, which collectively boosted demand for passenger vehicles.
Among major players, Indus Motors Company Ltd (INDU) reported a 25% MoM decrease in volumetric sales for December 2024, totaling 1,655 units. This decline was driven primarily by a 37% MoM drop in sales of Corolla, Yaris, and Corolla Cross models. However, sales of Fortuner and Hilux increased by 34% MoM.
Pak Suzuki Motor Company (PSMC) recorded a 25% MoM increase in sales, reaching 5,903 units. The standout performer was the Cultus, which saw an 80% MoM surge in sales. Additionally, sales of Alto and Wagon R rose by 49% and 9% MoM, respectively. However, sales of other models, such as Every, Swift, Bolan, and Ravi, declined by 82%, 27%, 43%, and 4% MoM, respectively.
Honda Atlas Cars (HCAR) maintained stable sales in December 2024. While sales of Honda HR-V/BR-V models increased by 37% MoM, Civic/City sales saw a slight 4% MoM decline.
In the two-wheeler segment, Atlas Honda (ATLH) achieved sales of 100,911 units, representing a marginal 0.3% MoM increase. Meanwhile, tractor sales soared by 105% MoM in December 2024, driven by a 231% MoM increase in Millat Tractors Limited (MTL) sales, reaching 4,686 units. Al-Ghazi Tractors Limited (AGTL) also experienced a 17% MoM rise, with 2,344 units sold. The overall growth in tractor sales can be attributed to the low base effect and distribution under Punjab’s Green Tractor Scheme.