Car sales in Pakistan increased 12% on a monthly basis in April 2024, as the total number of units sold in the said month reached 10,515, compared to 9,381 units in March 2024, data released by the Pakistan Automotive Manufacturers Association (PAMA) on Monday showed.
As per PAMA data, the month-on-month (MoM) increase was led by Pak Suzuki as the sales of its Alto variant jumped 64% MoM to 4,786 units in April 2024, which brokerage house Topline Securities said was the highest in 15 months.
On a year-on-year (YoY) basis, car sales in Pakistan surged 135%, against 4,483 units recorded in April 2023.
“On a YoY basis, the significant jump in total car sales is attributed to a low base from last year amid plant shutdowns,” Topline Securities said.
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In April 2024, Pak Suzuki experienced a 307% YoY increase in its sales, recording 6,000 in the said month, against 1,474 sold in April 2023. On MoM basis, the company registered a 46% increase as compared to 4,101 units sold in March 2024.
Indus Motor Company (IMC), which sells Toyota cars in Pakistan, saw a 21% MoM increase in its sales that reached 2,065 in April 2024, against 1,705 units in the previous month. On YoY basis, the company registered 6% increase in its sales.
Honda Cars experienced a 54% decrease in its sales on a monthly basis, as it recorded 1,003 units against 2,188 units sold in the previous month. The company, however, registered a significant YoY increase of 385% as compared to the same month the previous year, when it had sold only 207 units.
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In 10 months of the current financial year, total car sales, as per PAMA data, stood at 79,595 units, 31% down as compared to 115,381 units in the same period the previous year.
On the other hand, motorbikes and three wheelers registered 15% MoM and 31% YoY increase in their sales to 107,590 units.
However, tractor sales witnessed a decline of 33% MoM and 4% YoY to 3,083 units.