Car and Bikes Companies in Jeopardy as Sales Halved

Pakistan’s car sales clocked in at 6,475 units in November 2023, down 65 percent year-on-year (YoY) compared to 18,531 units in the same period last year but up 5 percent month-on-month (MoM). In 5MFY24 PAMA car sales recorded 33,638 units, down by 50 percent YoY compared to 67,104 units in 5MFY23, according to data by Pakistan Automotive Manufacturers Association (PAMA). Pak Suzuki Motor Company Limited (PSMC) and Indus Motors (INDU) were the worst performers with sales were down 72 percent YoY and 71 percent YoY, respectively, in November. During 5MFY24, PSMC sales fell by 51 percent YoY while INDU saw a decline of 58 percent during the period. Honda Atlas Cars (Pakistan) Limited (HCAR) recorded sales of 1,015 units, down 49 percent YoY in November but up by 121 percent MoM. Hyundai recorded sales of 532 units, up 41 percent MoM and 21 percent YoY in November 2023. Conversely, the automaker posted a 51 percent YoY drop in overall sales volume during 5MFY24. Amongst Tractors, Al-Ghazi Tractors (AGTL), and Millat Tractors (MTL) recorded a decline of 68 percent MoM and 6 percent MoM, respectively, in November 2023. On a YoY basis, tractor sales by AGTL and MTL skyrocketed by 412 percent and 155 percent, respectively. This takes total tractor industry sales in 5MFY24 to 20,806 units, up 98 percent YoY.