Passenger car sales in Pakistan surged 62% year-on-year in November 2024, with 7,909 units sold compared to 4,875 units in November 2023, according to the Pakistan Automotive Manufacturers Association (PAMA).
However, sales dipped by 25% month-on-month from 10,557 units sold in October. From July to November 2024, passenger car sales increased by 50%, reaching 38,534 units compared to 25,746 units the previous year.
Mashood Khan, an auto sector expert, commented on the positive trend, noting that it could motivate the industry towards recovery. Despite these gains, long-term growth may face domestic political instability and limited consumer purchasing power. Nevertheless, a potential reduction in interest rates this month could alleviate some pressure on businesses and consumers.
In detailed figures, sales of cars over 1300cc soared by 93% to 3,930 units, and below 1000cc vehicles increased by 70% to 3,598 units. However, sales of 1000cc cars dropped to 381 units from 729 units in the previous year.
Additionally, 63 Dewan Honri-Ve electric vehicle units were sold in November 2024. Khan highlighted the emergence of locally assembled EVs, primarily targeting the elite class, and stressed the need for affordable EVs and better infrastructure to promote broader adoption.
In other categories, bus and truck sales climbed to 328 units from 145 units, while jeep and pick-up sales rose to 2,191 units from 1,600 units in November 2023. Conversely, tractor sales slightly decreased to 3,428 units from 3,510 units, with a significant 50% drop over the first five months of the fiscal year.
پاکستان میں کار کی فروخت میں 51 فیصد اور بائیکس کی فروخت میں26 فیصد تک اضافہ ہوگیا ہے۔ کار مینوفیکچررز کے مطابق جولائی تا نومبر کے دورانیے میں کار کی فروخت 50 ہزار یونٹس سے تجاوز کرگئی۔ کار مینوفیکچررز کے مطابق ملک بھر میں گزشتہ برس اسی عرصے میں 33 ہزار کاریں فروخت ہوئی تھیں۔… pic.twitter.com/EHe5NaWTx3
— Times of Karachi (@TOKCityOfLights) December 10, 2024Al-Ghazi Tractors reported a notable increase in sales, while Millat Tractors saw a decline. Rickshaw and motorbike sales also increased significantly to 120,484 units from 88,493 units.
The sector anticipates strong growth starting January 2025, driven by a recovery in auto finance and falling interest rates.
