Automobile sales hit 18-month high

The country’s auto sales — cars, jeeps, sport utility vehicles and pickups — touched a 18-month high to 13,284 units during June 2024, showing a growth of 21 per cent month-on-month and 120pc year-on-year. In volumetric terms, MoM jump in car sales is primarily due to an increase in the sales of Indus Motors Company, which rose by 44pc to 2,957 units and Pak Suzuki Motor Company Ltd, which went up by 15pc to 6,885 units in June this year. Hyundai Nishat Motor recorded sales of 1,059 units (up 55pc MoM) while Sazgar Engineering Works (SAZEW) sales were 871 units, up by 12pc. Only Honda Atlas Cars Limited (HACL) recorded sales of 1,095 units, down by 8pc MoM in June 2024. On a YoY basis, the significant jump of 120pc in total car sales is attributed to a low base from last year amid plant shutdowns, Myesha Sohail of TopLine Securities said. Total sales of cars, jeeps, vans and pickups during FY24 were down by 18pc to 103,827 units YoY which is the lowest sales after 15 years due to escalating car prices, expensive auto financing, and the low purchasing power of consumers, she said.