Car Sales Down by 11% in November
Sales of local assembled passenger cars witnessed an 11% month-on-month decline with 18,714 units sold in November 2021 however on year-on-year basis the sales were up by 29% as 14,533 units were sold in November last year according to the data released by PAMA (Pakistan Automobile Manufacturers Association).
This is the second consecutive month where car sales have witnessed a month-on-month decline. According to analysts, new car bookings were down by 25% from their peak in July 2021. This downward spike is mainly attributed to the rising financing rates, stringent financing requirements by the State Bank of Pakistan and year-end factor where car sales generally slow down as buyers wait for the new year to make fresh purchases.
However according to Topline Securities, car sales including those of non-PAMA members came in at 23,900 units in November 2021. Bear in mind automakers including Changan, Kia, Proton, United and Regal are not the members of PAMA hence their stats aren’t part of the official data. Still as per unofficial sources, approximately 1,900 units of Kia and around 1,600 units of Changan were sold in the previous month.
During November, sales of 1300cc and above cars were recorded at 8,102 units including 2,771 units of Honda Civic and City (combined), 6 units of Suzuki Swift, 2,786 units of Toyota Corolla, 1,975 units of Toyota Yaris, 244 units of Hyundai Elantra, and 320 units of Hyundai Sonata. Sales of cars with 1000cc engine capacity were 3,640 units, while below 1000cc cars recorded sales of 3,609 units.