Local Car Industry and New Year:

In the first half of the fiscal year 2022–23, sales in the local car industry have fallen dramatically. Total automobile sales decreased by 40% from 114,774 units in the same period the year before to 68,900 units from July to December of 2022.

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This decline is attributed to several factors, including sharply rising prices coupled with high-interest rates that make leasing cars more expensive, restrictions on auto financing, delays in deliveries, and non-opening of letters of credit that resulted in part shortages that forced various assemblers to halt production, etc.

According to data made public by the Pakistan Automobile Manufacturers Association (PAMA), sales in December 2022 fell by 11% month-over-month to 13,768 units from 15,432 units in November. PAMA data also showed that sales of the Toyota Corolla and Yaris plunged dramatically, falling by 59% to 12,065 units from 29,126 in 6M-FY22. However, from 1,933 in November 2022, the monthly sales significantly decreased to 1,879 in December.

Honda Civic and City (combined) sales decreased by 49% to 8,906 units from 17,620 units in December, a sharp decline from 1,509 units in November. Nevertheless, Pak Suzuki reported strong sales of the new Suzuki Swift (7,136 units, up from 497 units in the first half of FY22), despite a drop in December sales to 1,428 from 2,242 units in November.

In 6M-FY23, Hyundai Elantra sales fell by 15% to 1,297 from 1,508 units, although they rose in December to 142 from 101 units. Sales of the Hyundai Sonata were down 56% from the 1,240 units sold in July through December of FY22 to 551 units.

The first half of FY23 was disappointing for Pak Suzuki in the 1,000cc market as sales of the Suzuki Cultus and WagonR fell by 65% and 68% to 5,143 and 3,769 units, respectively, from 14,516 and 11,629 units at the same time the previous year. WagonR sales increased to 872 from 716 units over the period under discussion, while Cultus sales decreased to 1,057 from 1,134 units in December.

Suzuki Alto660cc sales in the sub-1,001cc sector decreased by 15% to 27,614 units in 6M-FY23 from 32,388 units, while Bolan sales fell by 61% to 2,436 units from 6,241 units in 6M-FY22. In comparison to November's sales of 7,252 and 503 units, December 2022 sales of the Alto and Bolan were 6,898 and 464, respectively.

While December 2022 sales improved to 3,216 units from 3,099 units in November, pickup, 4x4 and SUV sales were 28.4% lower than 15,188 in 6M-FY23 compared to 21,202 units in the same time of the previous fiscal year. Due to registration discounts and choices for immediate delivery, sales of the Hyundai Tucson increased by 69% to 2,230 units in the six months of the current fiscal year from 1,321 units during the same period the previous year.

Sales of the recently released Honda BR-V and the HR-V increased by 14% to 2,197 units from 1,928 units. Sales of the Toyota Fortuner and Revo decreased by 30% to 6,242 units in the first half of FY23 from 8,946 units during the same period the previous year, while Suzuki Ravi sales decreased by 69% to 2,273 units from 7,432 units.

In the first half of FY23, Haval and Cherry, two new players, sold 442 and 706 units, respectively. Sales of the JAC X-200, Isuzu D-Max, and Hyundai Porter fell by 28%, 48%, and 30%, respectively, compared to the 6M-FY22 period (345, 132, and 567 units vs 479, 253, and 808 units).

FINAL WORDING:

The sales decline has been hastened by ongoing production reduction and a persistent decline in demand. The country's weak economic pulse is highlighted by the month-over-month (MoM) sales charts, which represent a significant factor that is upending fortunes.

According to a study from the Pakistan Automotive Manufacturers Association (PAMA), auto sales decreased by 8% in December 2022. In November of last year, the carmaker sold 18,531 automobiles; in November of this year, it sold 16,984 cars. While sales decreased 38% year over year (YoY), selling 84,088 automobiles in the first half of FY23 as opposed to 13,5976 in the same time in 1HFY22.

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