Pakistan’s passenger automobile sales rose 44.6% to 67,135 units in the first eight months of the current fiscal year.
This growth was driven by new automobile models, corporate purchases, rising used car prices, and greater consumer confidence after the COVID-19 epidemic. New cars with better features attracted purchasers. Businesses increased their car fleets, increasing demand. Due to the high cost of secondhand cars, many people preferred new ones.
Vehicle sales of other types also increased. Jeeps and pickups rose 69% to 22,503 units. Bus sales jumped 45% to 435 units, while truck sales rose 96.7% to 2,470 units. Motorcycles and rickshaws rose 30% to 962,315 units.
Farm tractor sales fell 30% to 21,692 units due to crop losses and financial issues that prevented farmers from investing in agricultural machinery.
Auto sector expert Muhammad Sabir Shaikh said new model introductions, corporate investments, and stable interest rates boosted sales. Due to new car models and auto financing recovery, Topline Research’s Myesha Sohail expects the trend to continue. Analyst Mashood Khan said the government budget will be crucial for the auto industry, calling for local vehicle manufacture to make automobiles more affordable for middle-class purchasers.
