In a historic first for Pakistan, the country saw 63 electric vehicles (EVs) sold in November 2024. This achievement includes the Honri VE, launched by Dewan Motors, which played a key role in reaching this milestone.
The Pakistan Automotive Manufacturing Association (PAMA) officially introduced an EV category, underscoring the rising demand for electric vehicles in the local market.
Automotive Sector Growth in 2024-25
Pakistan’s automotive market showed impressive growth during the first five months of the fiscal year 2024-25 (July-November). According to PAMA’s latest figures, car sales rose by 50% year-on-year (YoY), totaling 50,516 units, compared to 33,638 units in the same period last year.
November 2024 Performance
Car sales in November 2024 reached 9,823 units, marking a 52% YoY increase, though showing a 25% month-on-month (MoM) decrease. The MoM drop was mainly due to the high sales in October 2024 (13,100 units) and seasonal year-end trends. The YoY growth can be attributed to reduced financing rates, improving economic conditions, and the launch of new vehicle models.
Sales Breakdown by Segment
1,300cc and Above: A slight 2% MoM decrease to 3,930 units.
1,000cc Segment: A notable 33% MoM drop, with only 381 units sold.
Below 1,000cc Segment: A 40% MoM decline, totaling 3,598 units.
EV Category: Dewan Motors’ Honri VE led with 63 units sold.
Automaker Performance
Indus Motor Company (INDU): MoM sales fell by 27% to 1,854 units, with a significant 93% drop in Fortuner and Hilux sales and a 13% decrease in combined Corolla, Yaris, and Corolla Cross sales.
Pak Suzuki Motor Company (PSMC): Saw a 33% MoM drop to 4,738 units. However, Swift and Every models experienced notable growth, with MoM increases of 178% and 147%, respectively.
Honda Atlas Cars (HCAR): Reported a 27% MoM decline, driven by a 29% fall in Civic/City sales, although HR-V/BR-V sales increased by 6%.
Sazgar Engineering (SAZEW): Sales dropped by 42% MoM to 584 units, with Haval models leading the decline.
Two-Wheelers and Tractors
Two-wheeler sales fell by 13% MoM, with Atlas Honda selling 100,588 units. In contrast, tractor sales surged by 98% MoM, with AGTL’s sales jumping by 584%, boosted by the Punjab Green Tractor Scheme.
Conclusion
The substantial YoY growth in car sales reflects a recovering automotive sector in Pakistan, driven by favorable economic policies, increasing consumer demand, and the emergence of electric vehicles like the Honri VE. This trend signals a promising future for EV adoption and the overall growth of the auto industry.