Car sales in Pakistan saw a sharp 22% month-on-month (MoM) decline in November 2024, with total sales reaching 10,163 units, according to a report by Topline Securities. The drop is attributed to the year-end effect, where buyers delay purchases to secure new-year registrations. However, on a year-on-year (YoY) basis, sales surged by an impressive 57%, reflecting a strong rebound in demand compared to November 2023.
Sales Highlights for FY25
- Cumulative Sales: 50,856 units sold in the first five months of FY25 (5MFY25), marking a 51% YoY growth from 33,637 units in 5MFY24.
- Monthly Declines by Automaker:
- Sazgar Engineering (SAZEW): Largest MoM drop at 42%, with sales down to 584 units.
- Indus Motor Company (INDU): 13% MoM decline to 2,194 units, though YoY sales surged 129%.
- Pakistan Suzuki Motor Company (PSMC): Market leader with 5,374 units sold, a 26% MoM drop but a 53% YoY rise.
- Honda Atlas Cars (HCAR): 27% MoM drop, selling 1,112 units; YoY sales grew 10%.
Outperformers and Noteworthy Trends
- Hyundai Nishat Motors: Reported a 21% MoM and 11% YoY increase in sales, driven by a 45% rise in Tucson sales.
- Dewan Farooque Motors (DFML): Made waves with 63 units sold of its newly launched locally assembled electric vehicle, Honri.
- Tractors: Sales rose 98% MoM to 3,428 units, led by Al Ghazi Tractors (AGTL), which achieved a staggering 584% MoM increase.
Other Segments
- Two- and Three-Wheelers: Sales fell 12% MoM but grew 36% YoY to 120,484 units.
- Trucks and Buses: Sales dipped 7% MoM but climbed 126% YoY to 328 units.
Outlook
Analyst Myesha Sohail predicts a sales recovery in January 2025, spurred by declining interest rates and postponed purchases from late 2024. However, December is expected to see a further MoM decline due to continued year-end effects.
