KARACHI: Pakistan motor car sales nosedived by 73 per cent in February 2023, according to data released on Monday.
According to data released by Pakistan Auto Manufacturers Association (PAMA), about 5,762 motor cars were sold during February 2023 as compared with 21,664 units in the same month of the last year.
READ MORE: Pakistan car sales likely to drop 14-year low in February 2023
Analysts at Topline Securities said that Pakistan car sales (including sales of Non-PAMA members) clocked in at 6,400 units down 47 per cent Month on Month (MoM), which is lowest sales since May 2020 due to non-availability of CKD parts amid Letter of Credit (LC) issues which led to non-production days. On YoY basis, Car sales also down 73 per cent YoY.
READ MORE: Complete PCT details of imported CBU motor vehicles for 25% sales tax
In eight months (July – February) of fiscal year 2022-2023, weak demand dynamics were also evident from a 43 per cent YoY fall in industry sales in February 2023. This is primarily attributable to escalating car prices, expensive auto financing, and low purchasing power of consumers.
Pak Suzuki Motor Company (PSMC) recorded decline of 67 per cent MoM and 92 per cent YoY to 978 units primarily due to reasons mentioned above.
Indus Motor Company Limited (INDU) reported decline of 49 per cent MoM to 1,803 units followed Honda Car (HCAR) sales decline of 39 per cent MoM and 40 per cent YoY to 1,636 units in February 2023.
READ MORE: FBR issues list of luxury imported, local goods for imposing 25% sales tax
However Hyundai sales up 11 per cent MoM where Tuscon was up 14 per cent MoM to 708 units and Elantra was up 40 per cent MoM to 243 units in February 2023.
Amongst Tractors, Millat Tractors (MTL) recorded increase of 18 per cent MoM to 2,602 units in February 2022 while Al Ghazi Tractors (AGTL) recorded decline of 39 per cent MoM in sales to 728 units in February 2023.
This takes total tractor industry sales to 18,249 units in July-Februry 2022-2023 down 49 per cent YoY due to floods, plants shutdown, lower consumer buying power and higher prices.
READ MORE: Pakistan car sales plunge by 47pc in January due to high prices
Pakistan bike sales were down 7 per cent MoM and 26 per cent YoY in February 2023. Atlas Honda (ATLH) recorded sales of 85,000 units, down 6 per cent MoM and 19 per cent YoY.
Trucks & Buses sales were up 40 per cent MoM and 20 per cent YoY to 657 units in February 2023. This takes 8MFY23 sales to 3,074 units down 30 per cent YoY primarily due to drop in transportation activity and slowdown in overall economy.