Passenger car sales in Pakistan witnessed a steep fall of 68% on a year-on-year (YoY) basis in November 2023, data from the Pakistan Automotive Manufacturers Association (PAMA) showed on Monday.

The sale of passenger cars stood at 4,875 units in November, against 15,432 units recorded in the same month of the previous year.

On month-on-month (MoM) basis, the car sales witnessed a slight gain of 1% as compared to October 2023 when 4,850 units were sold.

“MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the lower purchasing power of consumer contributed to the decline in YoY sales,” brokerage house Topline Securities said.

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In first five months of the financial year 2024, passenger car sales have declined 53% to 25,746 units.

Meanwhile, PAMA members sold 1,600 jeeps and pick-ups in November 2023, which is 20% higher MoM but 48% down YoY.

Company wise, Pak Suzuki (PSMC) posted the highest decline of 72% YoY, selling 3,506 units in November 2023, against 12,387 units sold in the same month the previous year. On month-on-month basis, PSMC sales decreased 8% in November.

Indus Motor Company Limited (INDU) witnessed a fall of 71% YoY, selling only 956 units in November 2023, against 3,242 units sold in the same month the previous year. On month-on-month basis, INDU sales decreased 9% in November.

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Honda Atlas Car (HCAR) sales dropped 49% YoY to 1,015 units from 1,973 units in the same month the previous year.

However, on month-on-month basis, HCAR sales jumped 121% in November to 1,015 units from 459 units recorded in October.

Amongst tractors, Al Ghazi Tractors (AGTL) and Millat Tractors (MTL) recorded a significant YoY increase of 412% and 155%, but fell 68% and 6% on MoM, respectively in November.

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This takes total tractor industry sales to 3,510 units in November, up 183% YoY and down 33% MoM.

Trucks and buses’ sales were down 57% and 59% on year-on-year basis in November 2023.