In a significant downturn for the Pakistani automotive sector, car sales experienced a sharp decline, dropping by 26 percent month-on-month and a staggering 54 percent year-on-year in October. The latest data released by the Pakistan Automotive Manufacturers Association (PAMA) on Monday revealed the grim state of the industry, attributing the decline to a combination of supply chain disruptions and weakened demand.
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According to PAMA’s statistics, car sales plummeted to 6,200 units in October, down from 8,400 units in September and a substantial decrease from the 13,500 units sold in October of the previous year. When considering non-PAMA members, overall car sales dipped to approximately 7,000 units in October, a decline from 9,500 units in September and a significant drop from 15,000 units in October 2020.
The month-on-month sales decline was primarily driven by disruptions in the supply chain, prompting certain automakers to temporarily halt production. The year-on-year decrease was further exacerbated by diminished demand, attributed to escalating car prices resulting from currency depreciation, increased taxes, and more expensive auto financing.
For the first four months of the fiscal year 2023-24 (July-June), PAMA reported car sales at 27,163 units, marking a substantial 44 percent decrease from the 48,573 units recorded during the same period the previous year.
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The auto industry in Pakistan is grappling with an array of challenges, including high inflation, currency depreciation, low consumer demand, and elevated financing costs. These challenges have been exacerbated by recent disruptions in the supply chain, impacting the availability of critical automotive components and materials. The industry faces an uphill battle to recover amidst this confluence of economic pressures. (technologyplus.pk monitoring desk)
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