Auto sales in Pakistan surge 120pc in FY23-24

Despite high inflation in the country, Pakistan’s car sales jacked up to 120 percent year-on-year (YoY), while growth showed an increase of 21 percent month-on-month (MoM), according to a report released by Topline Research.

As many as 13,285 units of different vehicles were sold during June 2024, which touched an 18-month high.

The MoM increase was seen due to the jump in sales of Indus Motor Company, which rose by 44pc to 2,957 units and Pak Suzuki Motor Company Ltd, which noticed an increase of 15pc to 6,885 units in June 2024.

Hyundai Nishat Motor’s monthly sales surged by 55pc to 1,059 units while Sazgar Engineering Work (SAZEW) sold 871 units, sales up by 12pc.

Only Honda Atlas Cars Ltd’s sales declined by 8pc as it sold 1,095 units in June.

Topline Security official Myesha Sohail said on a YoY basis, a significant increase of 120pc in total car sales is attributed to a low base from last year when plants were shut down.

She said sales of bikes were down to 24pc MoM but increased by 8pc YoY to 89,895 units in June.

Atlas Honda recorded sales of 80,000 units, down 22pc MoM and up 7pc YoY.

However, the industry's total sales remain at 1.15 million units, down 3pc in FY23-24.

Ms Sohail added that the tractor industry’s total sales rose to 4,134 units in June 2024 by a 28pc YoY and 34pc MoM.

Meanwhile, sales in FY24 jumped by 45,494 units YoY or 47pc, which declined last year due to the flood.

Sales of trucks and buses saw an increase of 21pc MoM and 101pc YoY to 299 units in June 2024.