With the ongoing economic turmoil and import restrictions continuing for over a year now, the Pakistani automobile sector has suffered a severe slump in sales.
Data for May 2023, released by the Pakistan Automotive Manufacturers Association (PAMA), reveals a disheartening picture. Collectively, car manufacturers (members of the association only) managed to sell a mere 5,290 cars during the month. This figure, while marking a 19% rise from the previous month, represents a drastic 77% drop on a year-on-year basis.
Several notable automakers, including Pak Suzuki Motor Company (PSMC) and Toyota Indus Motor Company (IMC), managed to rally sales slightly, improving the monthly figures. On the other hand, Honda Atlas and Hyundai Nishat reported significant declines.
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The monthly sales for May 2023 breaks down as follows:
- In fifth place was the Suzuki Cultus, a perennial favorite among Pakistani hatchback enthusiasts. PSMC managed to sell 282 units in May, outpacing many other popular models despite the small figure.
- The Suzuki Swift took fourth place, achieving a robust monthly growth of 124% in sales, regardless of its substantial price tag. A total of 332 units were sold in May, securing Swift’s spot as the fourth most popular car of the month.
- The Toyota Hilux, an expensive pick-up truck, surprisingly emerged as the third most sold vehicle in May 2023, with Toyota selling 605 units. Despite its hefty starting price of over Rs. 10 million, the Hilux continues to attract buyers, confirming its position among the top five best-sellers.
- The second spot was clinched by the Toyota Corolla, a car that has consistently been a favorite among Pakistani sedan buyers, even with significant price hikes. With 634 units sold in May, the Corolla held its position as one of the country’s top-selling cars.
- Finally, the Suzuki Alto regained its title as Pakistan’s most popular car, with 1,902 units sold in May. Despite being significantly lower than last year’s figures, the sales indicate potential for a substantial increase, especially if the government eases import restrictions by opening Letters of Credit (LCs) for car imports.
