ISLAMABAD: Pakistan has witnessed a 40% decrease on an annual basis in car sales in the first quarter of the current fiscal year, whereas, an increase of 10% was recorded on a monthly basis in September, ARY News reported.
The statistics issued by the All Pakistan Auto Manufacturers Association stated that overall 20,983 cars were sold across Pakistan from July to September 2023 which is 40% less than the count in the previous fiscal year.
In the previous fiscal year, 35,002 units were sold during the first quarter. 8,312 units were sold across the country in September 2023, recording a drop of 26% as compared to September 2022.
In September 2022, 11,288 units were sold, whereas, a 10% increase was recorded on a monthly basis in the sale in September 2023 as compared to August. 7,579 units were sold in August which was increased to 8,312 in September.
The statistics stated that Pak Suzuki sold 10,946 units in the first quarter which was 34% less than 16,639 units in the previous fiscal year.
During the first quarter, the sale of 4,511 units of Indus Motor was recorded which was 49% less than 8,868 as compared to the previous fiscal year. Meanwhile, 2,510 units were sold by the Honda Atlas, which was reduced by 55% as compared to the previous FY. Honda Atlas had sold 5,626 in the same period in FY2022-23.
Hyundai Nishat Motor sold 2,167 units which dropped by 30% as compared to the previous FY. The automaker had sold 3,097 units in the same period of FY2022-23.
Car prices fall
The car prices in Pakistan have fallen due to the sharp decline in the Pakistani rupee’s value against the US dollar.
In a statement, Lucky Motor Corporation (LMC) said it has decided to decrease the prices of KIA vehicles in light of the recent strengthening of the Pakistani rupee in against US dollar.
LMC has announced a reduction of up to Rs500,000 in the pricing of KIA cars.
According to the statement, the prices of Picanto AT, Sportage FWD and AWD and Black Limited Edition have been decreased by Rs100,000, Rs150,000 and Rs350,000, respectively.
Specifically, the prices of the Sorento variants, including the 3.5L FWD, 2.4L AWD, and 2.4FWD, have each been lowered by Rs500,000 in the most recent price adjustment.
The LMC had implemented the price reductions exclusively for customers who opt for the full payment option.
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