Auto sales drop by over 80pc in April
Sales of cars, light commercial vehicles, jeeps and vans plunged by over 80 per cent year-on-year (YoY) to 4,463 units in April amid growing economic and political uncertainties. As a result, the sales halved to 114,868 units in the first 10 months of the current fiscal year compared to 227,995 units in the same period last fiscal year. On month-on-month (MoM), the sales stood lower by 52pc in April. It was the lowest monthly sales in the above categories since May 2020 Covid-19 lockdown. Higher prices, dwindling auto financing on account of high soaring interest rates, high petroleum prices, plant shutdowns due to parts shortage owing to import curbs and delay in delivery of vehicles to the customers were the main reasons for the continuous downward trend in the auto sales. As per analysis based on the data of Pakistan Automotive Manufacturers Association (PAMA), Toyota Corolla and Yaris sales in April stood at 1,007 units, showing a fall of 10pc MoM and 76pc YoY. Sales of both these cars shrank by 64pc to 17,001 units in July-April FY23.