Auto sales plunge amid gloomy outlook

Auto assemblers continued to face a highly disturbing situation as year-on-year car sales plunged 53 per cent, trucks 48pc, buses 45pc, light commercial vehicles, pickups and vans 37pc, and two/three-wheelers recorded a 13pc drop during the first five months of FY24. However, brisk agricultural indicators significantly boosted the sales of tractors (Massey Ferguson and Fiat) by 98.19pc to 20,806 units during 5MFY24 from 10,498 in the same period last year. With a slight rise in month-on-month (MoM) car sales to 4,875 in November from 4,850 in October, the 5MFY24 sales plunged to 25,746 units from 55,132 units in the same period last year. According to the Pakistan Automotive Manufacturers (PAMA) data, the combined sales of Honda Civic/City nosedived to 3,151 units in 5MFY24 from 7,925 in the same period last year despite a rise in November to 912 units from 379 in October.