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Sunday 21 July, 2024
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Honda Sets Sales Record for New Cars in May 2023

BY Shahzad Saeed Jun 13, 2023. 08:31 am UPDATED: Jun 13, 2023. 08:31 am

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The auto industry’s gloomy outlook is still in place as Pakistan enters hyperinflation after the start of the new fiscal year.

The latest statistics from the Pakistan Automotive Manufacturers Association (PAMA) show that only association members sold a total of 5,290 vehicles in May 2023, representing a 77% YoY decline and an MoM increase of 19%.

1,718 cars were sold by Toyota Indus Motor Company (IMC), which reported a 12% MoM increase in sales. Only 87 vehicles were sold, a record-low for Honda Atlas Cars Limited (HACL), representing a significant 58% MoM decline. A respectable 2,958 cars were sold by Pak Suzuki Motor Company (PSMC), with a 101% increase in monthly sales.

Last month, 503 cars were sold by Hyundai Nishat Motors Private Limited (HNMPL), a 31% MoM decline in sales. Tucson continued to lead the industry despite a sharp decline in individual sales.

These well-known cars’ sales are as follows:

Passenger Vehicle Sales
Passenger VehiclesUnits Sold in April 2023Units Sold in May 2023Month-on-Month % Difference
PSMC
Cultus17728259%
Alto8201,902132%
Wagon R9914849%
Bolan163157-4%
Swift145332129%
Toyota IMC
Corolla and Yaris1,007853-15%
Fortuner and Hilux941865-8%
Honda Atlas
Civic and City15956-65%
HR-V & BR-V4831-35%
Hyundai Nishat
Tucson315194-38%
Elantra11969-42%
Sonata155135-13%

The automobile industry has had to raise prices as a result of local currency instability and rising costs for raw materials. To top it off, because of restrictions on the import of CKD kits, the automakers are barely able to continue their operations.

The government has deferred raising taxes on imported CKD goods and new cars for the time being. This suggests that future price increases brought on by taxes are unlikely. However, the absence of fresh incentives ensures that nothing will improve.

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The future of the automobile industry appears bleak in light of this forecast.

Read more: El Nino might bring extreme weather and temperature records: US Scientists

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