Car sales soar on policy rate reduction

Passenger car sales rose by 32.2% to 83,269 units during the first 10 months of the current fiscal year compared to the same period in the previous year because of a fall in interest rate announced by the State Bank of Pakistan (SBP) and improved buyer sentiment. According to data released by the Pakistan Automotive Manufacturers Association (PAMA), sales of all vehicles, including two, three and four-wheelers, went up, while sales of farm tractors decreased. Sales of jeeps-cum-pickups surged by 69% to 28,063 units. Simultaneously, sales of trucks and buses increased by 88.8% to 3,261 units and by 68.6% to 624 units, respectively. On top of that, sales of motorcycles and rickshaws also gained momentum and rose by 30.4% to 1,227,956 units.