December 6, 2022
Business

Between July and October 2022, there was record-breaking drop in car sales

Between July and October 2022, there was record-breaking drop in car sales

Despite increasing month over month in October, car sales fell 47% between July and October 2022, from 74,952 to 39,700, as a result of inflation, limits on auto financing, and high interest rates.Interestingly, the number of cars sold increased from 9,213 in September to 11,129 in October, which is still much behind the 17,413 sales in October 2021.

Sales and output both increased in October, indicating a slight improvement. This is due to the fact that since the State Bank of Pakistan (SBP) increased import quotas, automobile assemblers have been allowed to deliver vehicles.

This made it easy for auto manufacturers to remove their automotive components from the port.Honda Civic and City sales decreased from 10,444 in July-October 2021 to 4,416 in July-October 2022 in the interim. Toyota Corolla and Yaris sales also plunged dramatically, from 19,214 to 8,253.

Additionally, sales of the Suzuki Cultus and WagonR decreased from 11,454 and 6,779 during the same time period last year to 2,952 and 2,181 this year. Sales of the Suzuki Bolan and Alto decreased from 1,469 to 13,464 compared to 4,012 and 20,773 in July to October 2022, while sales of jeeps and pickup trucks fell by 45% from 14,969 to 8,234 units in the same period.

Additionally, tractor sales fell by 47%, from 17,386 units to 9,258 units, signalling a decline in agriculture. During the same period last year, trucks and buses sold 2,011 and 184 units, respectively, compared to 1,109 and 210 units this year.

Sales of two and three wheelers decreased from 629,212 units in the prior fiscal year to 412,111 units in the first four months of the current fiscal year.

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