Auto sales drop 73pc

Dark clouds continued to hover over the auto sector as overall sales of cars, vans, pickups and light commercial vehicles (LCVs) posted a 73 per cent year-on-year drop in February to 5,762 units which is the lowest monthly sales number after 4,500 units in May 2020. During the first eight months of the fiscal year, overall sales shrank by 44pc to 100,057 units from 178,250 in the same period of FY22. In this bleak auto sales picture, Hyundai Nishat’s Tucson performed exceptionally better as it sold 708 units in February as compared to 620 units the previous month. Tucson sales swelled by 60pc to 3,558 units in 8MFY23 from 2,230 units in 8MFY22. Elantra and Sonata sales surged to 243 and 197 units in February from 173 and 191 units in January. However, their demand plunged by 12pc and 43pc in 8MFY23 to 1,695 and 939 units as compared to 1,929 and 1,638 units in 8MFY22. Hyundai Porter sales stood at 123 units in February, down by 21pc from January while sales fell by 27pc to 846 units 8MFY23.