For the first time in Pakistan’s history, the country recorded the sales of 63 electric vehicles (EVs) in November 2024. This milestone includes the Honri VE, introduced by Dewan Motors, which was pivotal in achieving this figure.
The Pakistan Automotive Manufacturing Association (PAMA) officially added an EV category, highlighting the growing traction of electric vehicles in the local market.
Auto Sector’s Growth in 2024-25
In a broader context, Pakistan’s automobile market demonstrated remarkable growth during the first five months of the fiscal year 2024-25 (July-November).
According to PAMA’s latest data, car sales surged by an impressive 50% year-on-year (YoY), reaching 50,516 units compared to 33,638 units during the same period last year.
Performance in November 2024
Car sales for November 2024 stood at 9,823 units, marking a 52% YoY growth but reflecting a 25% month-on-month (MoM) decline.
This MoM drop is primarily attributed to the higher sales base of October 2024 (13,100 units) and seasonal year-end trends. Factors contributing to the YoY increase include reduced financing rates, improved economic conditions, and the introduction of new vehicle models.
Segment-Wise Sales Analysis
1,300cc and Above: Sales slightly dropped by 2% MoM to 3,930 units.
1,000cc Segment: Witnessed a significant 33% MoM decrease, with only 381 units sold.
Below 1,000cc Segment: Declined by 40% MoM, totaling 3,598 units.
Dewan Motors’ Honri VE dominated the newly introduced EV category with 63 units sold.
Insights from Major Automakers
Indus Motor Company (INDU): Sales fell by 27% MoM to 1,854 units. Notable declines included a 93% drop in Fortuner and Hilux models, alongside a 13% combined decrease in Corolla, Yaris, and Corolla Cross sales.
Pak Suzuki Motor Company (PSMC): Experienced a 33% MoM decline, with 4,738 units sold. Swift and Every models saw significant growth of 178% and 147% MoM, respectively.
Honda Atlas Cars (HCAR): Reported a 27% MoM decline, driven by a 29% drop in Civic/City sales, although HR-V/BR-V sales rose by 6% MoM.
Sazgar Engineering (SAZEW): Sales fell by 42% MoM to 584 units, with Haval models leading the decline.
Two-Wheelers and Tractors
Two-wheeler sales dropped 13% MoM in November, with Atlas Honda selling 100,588 units. Meanwhile, tractor sales skyrocketed by 98% MoM, fueled by a 584% surge in AGTL’s sales, supported by the Punjab Green Tractor Scheme.
Conclusion
The significant YoY growth in Pakistan’s car sales reflects a recovering auto sector, driven by favorable economic policies, consumer demand, and the debut of electric vehicles like the Honri VE. This development signals a promising future for EV adoption and the auto industry’s overall growth.