Automobile sales jump 49pc in August
Easing auto parts imports revived the production volumes thus accelerating the month-on-month sales of cars, LCVs, pickups and vans by 49 per cent in August to 7,579 units which has been the highest since March compared to 5,092 during July. However, sales remained lower by 36pc against 11,789 units sold in August 2022, showed data issued by the Pakistan Automotive Manufacturers Association (PAMA) on Monday. During July-August 2MFY4, sales of the above segments posted a whooping drop of 47pc to 12,671 units from 23,714 in the same period last fiscal as market analysts cited massive hikes in prices coupled with expensive auto financing on account of record interest rates that hit purchasing power of many consumers. As per PAMA data, total car production rose to 6,231 units in August from 3,498 in July. In jeeps and pickups, production increased to 2,154 in August from 1,948 in July. Tractor sales increased by 48pc to 3,967 in August from 2,678 in July, signalling improvement in agriculture indicators.