Business
Significant drop in car sales: First four months of FY 2023-24 witness 47.4% decline
The data indicates that 20,871 cars were sold during the months under review, a significant drop from the 39,700 units sold in the same months of the previous year.
Islamabad: Recent data released by the Pakistan Automobile Manufacturing Association (PAMA) reveals a substantial decline of 47.4% in car sales during the initial four months of the current financial year 2023-24 compared to the corresponding period last year.
The data indicates that 20,871 cars were sold during the months under review, a significant drop from the 39,700 units sold in the same months of the previous year.
Breaking down the figures, sales of Honda Civic and City experienced a notable decrease, with 2,239 units sold during July-October 2023-24 compared to 6,416 units in the corresponding period of the previous fiscal year.
Toyota Corolla and Yaris also witnessed a decline of 51%, with sales dropping from 8,253 units to 4,032 units.
Suzuki Swift faced a 55% decrease in sales, recording 1,576 units during the current fiscal year as opposed to 3,466 units sold in the same period last year.
The sale of Suzuki Cultus dropped to 1,142 units, down from 2,952 units recorded in the first four months of the previous year. Similarly, Suzuki WagonR sales decreased from 2,181 units to 1,160 units.
Suzuki Alto experienced a sharp decline of 30%, with sales falling from 13,464 units to 9,362 units during the current fiscal year. Additionally, Suzuki Bolan sales decreased to 684 units compared to 1,469 units in the same month of the last fiscal year.
This notable contraction in car sales reflects a challenging market environment, and stakeholders are closely monitoring the situation for potential implications on the automotive industry.