Business
MoM: Car sales in Pakistan plummet 36pc in July
However, on the year-on-year (YoY) basis, sales were up 60pc
Karachi: Car sales in Pakistan plunged by 36 per cent to 8,589 units on a month-on-month (MoM) basis in July this year, the Pakistan Automotive Manufacturers Association (PAMA) data reveals. However, on the year-on-year (YoY) basis, sales were up 60pc in July.
The decrease in car sales in July can be primarily attributed to the increase in withholding tax rates introduced in the FY25 budget.
According to PAMA, Toyota Corolla, Yaris, and Corolla Cross sales soared to 1,106 units in July 2024 from 1,067 units in July 2023. Toyota Fortuner and Revo sales surged to 558 from 301 units in the above period. However, Indus Motor Company’s total sales were 44 per cent lower month-on-month in July.
Honda Civic and City sales jumped to 790 from 208 in July 2023, while Honda BRV and HRV sales plunged to 141 in July 2024 from 286 in July 2023. Honda Atlas’s total July sales were down by 15pc MoM.
Suzuki Swift sales grew to 502 units in July 2024 from 249 in July 2023 while Suzuki Cultus and Wagon R sales slowed to 96 and 139 units from 177 and 245 units in July 2023. Suzuki Alto, Bolan and Ravi sales increased to 2,869, 288 and 576 from 1,440, 146 and 187 units in July 2023.