Passenger car sales in Pakistan surged by 28% in August 2024, reaching 12,274 units compared to the previous month. This increase is attributed to economic recovery, the introduction of new car variants, and a lower base effect, as reported by the Pakistan Automotive Manufacturers Association (PAMA).
The boost in sales signifies a notable rebound in the auto sector. Analyst Myesha Sohail from Topline Research links the growth to improved economic conditions, the lower base effect, and the arrival of new models.
Auto Sector Analyst Mashood Khan mentioned in a private TV interview that if interest rates drop to single digits, the auto sector could perform even better.
PAMA’s data shows that truck and bus sales climbed by 72%, reaching 500 units, with bus sales increasing by 67% to 107 units. Jeep and pick-up sales rose by 64% to 5,014 units.
Sales of two- and three-wheelers, including motorbikes and rickshaws, also grew to 189,227 units, reflecting a 17% increase. In contrast, farm tractor sales fell to 4,130 units, marking a 38% decline.
Topline Research reports that Sazgar Engineering experienced the highest growth with a 606% YoY increase to 953 units. Honda Atlas Cars saw its sales rise to 1,148 units, reflecting a 70% YoY and 23% MoM increase.
Indus Motor Company achieved a 38% YoY and 28% MoM increase, selling 2,129 units, driven by strong sales of Corolla and Yaris models.
Conversely, Pakistan Suzuki Motors Company faced a 14% YoY decline, with 3,653 units sold. Hyundai Nishat Motor reported mixed results, with a 12% MoM increase but a 24% YoY decline.
In the motorcycle segment, Atlas Honda recorded a 21% YoY and 29% MoM increase, selling 90,500 units.
