With 22,893 units sold in May 2022, sales of domestically produced passenger automobiles increased by 2% month over month. Non-PAMA member sales accounted for around 27,000 units last month. Around 251,000 units have been sold in the first 11 months of the current fiscal year, which is 51% greater than the previous year's similar period.
The economic recovery drove the astonishing growth in automobile sales over the first 11 months of the fiscal year 2022. However, the weakening of demand in autos has yet to be seen, since assemblers have a backlog of advance bookings with delivery times ranging from 2 to 9 months. Higher interest rates, the implementation of CVT, an increase in advance taxes in the budget for FY23, limits on car financing, and possibly another round of price rises by the assemblers are all predicted to cause a drop in demand by the end of the calendar year 2022.
In May 2022, Hyundai Nishat had a 33 percent month-on-month rise in sales, lead by Elantra's 148 percent month-on-month increase and Sonata's 37 percent month-on-month increase. In May 2022, Honda Atlas sales increased by 11% month over month to 2,910 units, owing to a rise of 18% month over month in City and Civic sales.
Indus Motor Company also had a 2% gain in sales month over month, thanks to a 4 percent increase in Corolla and Yaris sales. Pak Suzuki was the sole manufacturer to record a monthly drop of 3% to 12,212 units in May 2022. Except for the Wagon R and Alto, which saw a 24 percent and 9 percent increase in month-over-month sales, the company's sales fell across the board.