Car deals in Pakistan expanded 15% year-on-year (YoY) in August 2024, as the complete number of units sold in the said month stood at 8,699, contrasted with 7,579 units around the same time of the earlier year.
On a month-on-month (MoM) basis, car deals (vehicles, LCVs, vans, and Jeeps) rose 1% in August against 8,589 units sold in July 2024, as per the latest information delivered by the Pakistan Auto Makers Association recently.
“The YoY jump in generally car deals can be credited to a low base impact, as the industry faced significant challenges in the previous year,” Muhammad Abrar Polani, research expert at AHL Research, said.
“These challenges included limitations for opening LCs [letters of credit] and subdued auto interest, prompting widespread plant shutdowns,” Polani added.
Honda Atlas Cars (HCAR) also posted strong results, with deals ascending to 1,148 units, a 70% YoY, and a 23% MoM increment. The Indus Engine Organization (INDU) followed suit with 2,129 units sold, mirroring a 38% YoY and 28% MoM development. The deals of famous models like Corolla, Yaris, %and Corolla Cross flooded by 40% YoY and 42% MoM, while City and Civic models saw a great 118% YoY and 35% MoM expansion in August 2024.
Read more: Car Sales Plunged By A Significant 44% In July-Sept
On the other hand, Hyundai Nishat Motor encountered a 24% YoY decrease in deals but managed with a 12% MoM rise, adding up to 591 units in August 2024.
Pakistan Suzuki Motor Company (PSMC) confronted a difficult month, with deals dropping by 14% YoY and 18% Mother to 3,653 units.
In the motorcycle segment, sales of bikes and three-wheelers in Pakistan expanded by 18% YoY and 23% MoM, arriving at 104,234 units in August 2024. Atlas Honda (ATLH) drove the market with 90,500 units sold, mirroring a 21% YoY and 29% MoM rise.
The tractor segment showed blended results, with Millat Tractors (MTL) seeing a half-year decline but a 101% MoM ascend in deals, adding up to 1,218 units. Al-Ghazi Tractors (AGTL) recorded deals of 1,452 units, down 7% YoY yet up 70% MoM, carrying the complete work vehicle industry deals to 2,670 units—a 33% YoY decrease but an 83% MoM rise.
Truck and bus deals saw an 83% YoY increase but experienced a slight 2% MoM decline, with 300 units sold in August 2024. The general development in the automobile sector reflects a progressive recovery, driven by purchaser interest in new models and positive economic situations.