Car sales decline 55pc in July 2023

The sales of vehicles including cars, buses and trucks have reduced significantly due to the rise in dollar prices and interest rate, Pakistan Automobile Manufacturers Association (PAMA) reported on Friday.

Car sales in Pakistan registered a decline of 55pc in July 2023.

According to the surveys, vehicle sales declined by 55% in a single year, with passenger car sales being the most negatively impacted.

On the other side, there has been a 29% decline in the sales of pickup trucks, utility vans, and Jeeps.

As per research, sales of tractors and trucks decreased by 46% over the course of the year, while those of buses decreased by 6%.

According to the Pakistan Automotive Manufacturers Association (PAMA), the automotive sector is suffering greatly from a lack of raw materials, a sharp rise in manufacturing costs, and challenges with imports.