Automobile sales plunge 41pc in July-February

KARACHI: Sales of locally assembled cars, light commercial vehicles, vans and jeeps fell by eight per cent to 9,709 units in February from 10,536 in January. However, sales were higher by 57pc compared to 6,186 units sold in February 2023. The low number of working days during February, coupled with the general election holidays, were the main reasons for a drop in sales. However, the sales plunged by 41pc to 59,699 units in July-February FY24 due to unprecedented interest rates, followed by unaffordable prices, rising petroleum rates, the low purchasing power of consumers, etc. As per data of the Pakistan Automotive Manufacturers Association (PAMA), Toyota Corolla, Yaris and Corolla Cross sales tumbled to 9,181 units in 8MFY24 from 14,875 in July-February FY23, while Honda Civic and City sales fell to 6,520 from 11,770.