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Auto Sales Inch Upward in August despite Economic Headwinds

August 2023 was another difficult month for the auto industry in Pakistan due to ongoing economic turmoil.

According to information released by the Pakistan Automotive Manufacturers Association (PAMA), member companies sold a total of 7,579 vehicles in August 2023. While this represents a 49% increase in sales month-over-month, it also represents a significant 36% decline year-over-year.

Let’s examine the performance of a few main participants in the Pakistani automotive market:

Toyota Indus Motor Company (IMC) sold 1,548 automobiles in August, a 13% increase from the previous month.

Honda Atlas Cars Limited (HACL) reported 674 cars sold in the same month, representing a 36% increase MoM.

Pak Suzuki Motor Company (PSMC): PSMC sold 4,268 automobiles in August, a 75% YoY increase in sales.

Hyundai Nishat Motors Private Limited (HNMPL): HNMPL sold 778 automobiles, a 37% increase from the previous month. The Tucson model remained the company’s flagship vehicle. Notable August 2023 sales figures for popular automobile models:

  • PSMC Cultus: 305 units (an increase of 72% month-over-month).
  • PSMC Alto: 2,769 units (an increase of 92% month-over-month).
  • PSMC Wagon R: 359 units (up 47% month-over-month).
  • PSMC Bolan: 166 units (an increase of 14% month-over-month).
  • PSMC Swift: 506 (up 103% month-over-month)
  • Toyota IMC Corolla and Yaris: 1,119 units (a 5% increase month-over-month).
  • Toyota IMC Fortuner and Hilux: 429 units (an increase of 42% month-over-month).
  • Honda Atlas Civic and City: 492 units (an increase of 137% month-over-month).
  • 182 units (-37% MoM) for the Atlas HR-V and BR-V.
  • Hyundai Nishat Tucson: 465 units (an increase of 42% month-over-month).
  • Hyundai Nishat Elantra: 92 units (an increase of 15% month-over-month).
  • Hyundai Nishat Sonata: 101 units (an increase of 13% month-over-month).

Experts warn that despite this modest increase in sales, the automotive industry continues to confront obstacles. Continual production disruptions and the likelihood of price increases indicate that difficult times may continue for the foreseeable future.

The views expressed in this article are the author’s own and do not necessarily reflect Coverpage’s editorial stance

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