First Half of FY 2023-24 Witnesses a Sharp Downturn in Car Sales

A recent report from the Pakistan Automobile Manufacturing Association (PAMA) reveals a substantial 55.50 percent decrease in car sales during the initial six months of the current financial year 2023-24 when compared to the corresponding period last year. The data highlights the challenges faced by the automotive industry, shedding light on specific models that have experienced significant drops in sales.

Sales Overview:

According to the released data, the sale of cars plummeted from 68,912 units in the first six months of the previous financial year to 30,662 units during the same period in 2023-24. This drastic decline underscores a challenging market landscape for automakers.

Model-Specific Sales Declines:

The breakdown of sales figures reveals a notable downturn in the sales of prominent car models. Honda Civic and City witnessed a decline of 55.83 percent, with sales dropping from 8,906 units in July-December 2022-23 to 3,938 units in the corresponding months of 2023-24.

Toyota Corolla and Yaris experienced a substantial sales decline of 56.24 percent, falling from 12,065 units to 5,279 units during the first half of the current financial year.

Suzuki Swift faced a sharp decline of 68.75 percent, with sales decreasing from 7,136 units to 2,230 units. Suzuki Cultus and Suzuki WagonR also saw reductions in sales, with Suzuki Alto’s sales witnessing a notable drop of 50.69 percent from 27,614 units to 13,614 units.

Suzuki Bolan recorded a decline in sales to 1,179 units from 2,436 units during the same period last year, further highlighting the challenges faced by various car models in the current market.

The PAMA report paints a challenging picture for the automotive industry in Pakistan during the first half of the financial year 2023-24. The significant decline in car sales, particularly for popular models, raises concerns about the broader economic landscape and consumer sentiments. Stakeholders in the automotive sector will need to navigate these challenges strategically to adapt to changing market dynamics

Fahad Anwar

Fahad, a dynamic entrepreneur and fervent marketing enthusiast, channels his passion for contemporary trends into captivating written pieces. Beyond the business realm, he finds solace in the exhilaration of travel and the strategic thrill of tennis during leisure moments. Connect with Fahad’s insights on trending topics via his Twitter handle @fahad164. For inquiries and collaboration opportunities, reach out to him at fahad164@gmail.com or fahad@themediaparadigm.com.