Auto sales surge 81pc in January

Despite unprecedented interest rates, unbearable auto financing, higher prices and political and economic instability, the combined sales of cars, jeeps, vans and pickups surged 81 per cent to 10,536 in January from 5,816 in December 2023. However, the sales in the above segment remained 5pc lower compared to 11,124 units during January 2023. According to the Pakistan Automotive Manufacturers Association (PAMA) data, sales of cars, jeeps, vans and pickups plunged by 48pc to 49,990 during 7MFY24 versus 95,240 in the same period last fiscal year. An analyst at Topline Securities said that escalating car prices, expensive auto financing, and the low purchasing power of consumers contributed to the decline in sales during the last seven months.