Pakistan’s Car Sales Down 3% MoM in March 2024
Staff Report
Pakistan car sales totaled 9,400 units, down 3% MoM and 1% YoY in March 2024.
Including non-PAMA members’ car sales, the total stood at approximately 10,500 units, down 3% MoM but up 1% YoY in March 2024.
Honda Atlas Cars (HCAR) recorded strong growth of 44% MoM and 162% YoY to 2,188 units in March 2024 due to the low base effect as the company shut down its plant during the same period last year.
However, Pak Suzuki (PSMC) and Indus Motors (INDU) both recorded a 16% MoM decline in car sales in March 2024.Pakistan’s auto Sales Dip MoM but Surge YoY in Feb-2024
Hyundai Nishat Motor recorded sales of 582 units, down 30% YoY but up 3% MoM. This takes 9MFY24 PAMA car sales to 69,078 units, down 38% YoY compared to 110,898 units in 9MFY23.
| Category | March 2024 Sales |
|---|---|
| Car Sales (PAMA) | 9,400 units |
| Total Industry Car Sales | 10,500 units |
| Honda Atlas Cars | 2,188 units |
| Pak Suzuki | Decrease by 16% |
| Indus Motors | Decrease by 16% |
| Hyundai Nishat Motor | 582 units |
| 9MFY24 PAMA Car Sales | 69,078 units |
| Bike Sales | 93,016 units |
| Atlas Honda | 80,000 units |
| Tractor Sales | 35,199 units |
| Millat Tractors | 3,027 units |
| Al Ghazi Tractors | 1,581 units |
| Trucks & Buses Sales | 311 units |
The decline is primarily due to escalating car prices, expensive auto financing, and the low purchasing power of consumers contributing to the decline in YoY sales.
Going forward, we believe that improved economic activity following the IMF’s new program, a stable currency, and reductions in interest rates will lead to an improvement in car sales,” Topline said in report.
Pakistan bike sales were up 10% YoY but down 1% MoM to 93,016 units in March 2024.
Atlas Honda (ATLH) recorded sales of 80,000 units, up 12% YoY and down 2% MoM.
This takes the total industry sales to 833,000 units, down 10% in 9MFY24 due to higher bike prices and the low purchasing power of consumers.
Among tractors, Millat Tractors (MTL) recorded sales of 3,027 units, up 40% MoM, followed by Al Ghazi Tractors (AGTL), which recorded sales of 1,581 units, up 31% MoM in March 2024.
This takes total tractor industry sales in 9MFY24 to 35,199 units, up 66% YoY due to the low base of last year amid floods. Trucks & Buses sales were down 12% MoM but up 1% YoY to 311 units in March 2024. This takes 9MFY24 industry sales to 1,888 units, down 44% YoY.
