Auto sales plunge 47pc in July-March

The overall sales of cars, LCVs, jeeps and pickups plunged 47 per cent to 109,466 units during the first nine months of the current fiscal year from 205,452 units in the same period last year. Despite a month-on-month jump of 61pc in March to 9,351 units, the auto sales dropped amid rising prices, expensive financing and plant shutdowns during 9MFY23. The March sales were 66pc lower when compared with 27,202 units sold in March 2022. As per the data issued by Pakistan Automotive Manufacturers (PAMA), truck sales came down by 46pc to 279 units in March from 521 in February, while it stood at 500 units in March 2022. As a result, 9MFY23 truck sales dropped 37pc to 2,825 against 4,493 units in 9MFY22. Only 29 buses were sold in March as compared to 136 in February and 65 in March, indicating a month-on-month drop of 79pc and 55pc YoY. However, with low monthly sales, the overall 9MFY23 bus sales soared to 557 units from 458 units, up by 22pc. Sales of tractors, the country’s barometer of agriculture indicators, decreased 49pc to 21,233 units as compared to 41,603 units in Fy22. With sales of 2,984 units in March, the MoM and YoY decline was 10pc and 47pc respectively.