KARACHI: Sales of cars, light commercial vehicles, jeeps and vans plunged by over 80 per cent year-on-year (YoY) to 4,463 units in April amid growing economic and political uncertainties.
As a result, the sales halved to 114,868 units in the first 10 months of the current fiscal year compared to 227,995 units in the same period last fiscal year. On month-on-month (MoM), the sales stood lower by 52pc in April.
It was the lowest monthly sales in the above categories since May 2020 Covid-19 lockdown.
Higher prices, dwindling auto financing on account of high soaring interest rates, high petroleum prices, plant shutdowns due to parts shortage owing to import curbs and delay in delivery of vehicles to the customers were the main reasons for the continuous downward trend in the auto sales.
As per analysis based on the data of Pakistan Automotive Manufacturers Association (PAMA), Toyota Corolla and Yaris sales in April stood at 1,007 units, showing a fall of 10pc MoM and 76pc YoY. Sales of both these cars shrank by 64pc to 17,001 units in July-April FY23.
Toyota Fortuner and Hilux sales surged by 19pc to 941 units in April against 793 units in March. The April sales were 43pc less than the 1,658 units achieved in April. As a result, both the costly vehicle sales fell by 27pc in 10MFY23 10,539 units.
Sales of Honda Civic/City nosedived by 74pc in April to 159 units from 611 units in March while it contracted by 93pc if compared with 2,265 units in April 2022. Total sales of these vehicles in 10MFY23 witnessed a drop of 57pc to 12,540 from 29,095 units.
Honda BR-V sales in 10MFY23 grew by 11pc to 3,945 from 3,544 units in the same period last fiscal despite a 79pc drop in April to 48 units versus 224 units in March. In April 2023, BR-V sales stood at 364 units.
Negative sales trend continued to prevail in Suzuki Cultus, WagonR, Alto, Bolan and Ravi which fell by 67pc, 73pc, 46pc, 61pc and 72pc to 6,410, 5,121, 31,564, 4,028 and 3,544 units in July-April FY23 from 19,431, 18,739, 58,250, 10,422 and 12,446 units in the same period of 10MFY22.
Suzuki Swift sales plunged by 83pc to 145 units in April from 877 units in March, while 10MFY23 sales swelled to 8,729 units from 2,770 in the same period last fiscal year.
Bike and tractors
Suzuki bike sales clocked in at 28,091 units, showing a rise of nine per cent from 30,998 units during 10MFY22 while Yamaha sold 11,161 as compared to 20,021 units in July-April 2021-2022, down by 44pc.
Sunny Kumar of Top Line Securities said that truck and bus sales were down 51pc MoM and 68pc YoY to 152 units in April 2023. This takes 10MFY23 sales to 3,534 units, down by 35pc YoY primarily due to a drop in transportation activity and a slowdown in the overall economy.
Al-Ghazi Tractors Ltd sold 9,463 units of farm machinery as compared to 18,340 units in 10MFY22, posting a 48pc drop while Millat Tractors also came down by 47pc to 14,981 from 28,111 units due to floods, plant shutdowns, lower consumer buying power and higher prices.
Published in Dawn, May 12th, 2023