Car sales surge 81% in Jan

Pakistan’s auto sector has witnessed a promising start to 2024, with car sales for January hitting 10,500 units, marking an 81% increase from December 2023’s 5,816 units. Including non-PAMA (Pakistan Automotive Manufacturers Association) members, car sales totalled 11,700 units, up 72% month-on-month. Despite a 5% year-on-year decline from January 2023’s 11,100 units, PAMA car sales in the first seven months of FY24 stood at 49,990 units, down 48% compared to 7MFY23’s 95,240 units. Factors contributing to the decline include escalating car prices, expensive auto financing, and low consumer purchasing power. Sunny Kumar, Deputy Head of Research at Topline Securities, said car sales reached their highest level in eleven months, driven by increased sales in January with demand for new year registrations.