Car sales in neighbouring Pakistan continue to decline as only around 6,000 cars were sold in September.
According to Pakistan Automotive Manufacturers Association (PAMA) car sales data for October, only 6200 units were sold in Pakistan, down from September’s 8400 units, HT Auto reported.
Even considering non-PAMA members, the total October figure of 7,000 sharply contrasts with 9,500 in September and 15,000 in October 2022.
The Pakistani automotive industry faces challenges like declining demand, increased sticker prices due to currency depreciation, high taxes and expensive auto financing.
PAMA records indicate a significant 44 per cent decline in sales for the first four months of fiscal year 2023-24, plummeting from 48,573 units to 27,163 units compared to the previous period. Major players like Atlas Honda, Pak Suzuki, Toyota, Hyundai, and Kia dominate the market, but local manufacturing is scarce.
Motorcycle sales, indicative of shrinking purchasing capacity, fell by 10 per cent in the initial four months of the fiscal year, contributing to the overall industry struggle.
What is automotive sales scenario in India?
• In September, automobile retail sales in India experienced a remarkable surge, exceeding 20 per cent, fuelled by heightened demand across vehicle segments during the festival season, according to Federation of Automobile Dealers Associations (FADA).
• Overall automobile registrations surged to 18,82,071 units, a substantial increase from 15,63,735 units in September 2022
• Passenger vehicle registrations reached 3,32,248 units, up from 2,79,137 units in September 2022, attributed to improved vehicle availability.
• Commercial vehicle registrations showed a 5 per cent year-on-year growth, totalling 80,804 units in the past month.
• Three-wheeler sales experienced a significant surge of 49 per cent, reaching 1,02,426 units in September, compared to 68,937 units in the same month of 2022.
The automotive landscape in Pakistan remains challenging across various segments, extending to two and three-wheelers as well as commercial vehicles, depicting a broader downturn in the market.