The Pakistani car industry has experienced a remarkable surge in sales, reporting a 60% growth year-over-year (YoY) in July 2024 (as reported by various media outlets). Local manufacturers sold 8,589 vehicles in July 24 alone, showcasing a significant rebound in the market.
Honda Civic and City Lead the Charge
Sales of the Honda Civic and City saw an impressive increase, reaching 790 units in July 2024. This marks a substantial 279.81% increase compared to the 208 units sold in the same month last year, highlighting the model’s growing popularity among consumers.
Toyota Corolla and Yaris See Decent Growth
The Toyota Corolla and Yaris also recorded a modest growth of 3.65%, with 1,106 units sold in July 2024, up from 1,067 units in July 2023. Although these sedans are quite popular in the market the growth isn’t substantial compared to Honda’s sedans.
Suzuki Swift Got a Boom
The Suzuki Swift experienced an astounding 101.60% jump in sales, climbing to 502 units from 249 units last year. This surge indicates a renewed interest in the Swift model, contributing positively to Suzuki’s overall performance.
Suzuki Cultus and WagonR Sales Drop
Not all models shared in the growth, however. Sales of the Suzuki Cultus dropped to 96 units, down from 177 units in the previous year, while the Suzuki WagonR also saw a decline, with sales falling to 139 units from 245 units.
Suzuki Alto Booms
On a positive note, the Suzuki Alto witnessed a remarkable 99.23% increase in sales, rising from 1,440 units to 2,869 units. This significant growth underscores the Alto’s appeal as a budget-friendly option for consumers. Due to these sales figures, it is the best-selling car of July 2024.
Two & Three Wheelers
In addition to car sales, motorcycles and three-wheelers also experienced a 15.49% jump in 2024 compared to the same month the previous year. However, a 5% month-on-month drop was observed in July 2024, with 84,993 units sold in July 2024 compared to 89,895 units in June 2024.
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Car Sales Drop in July
Despite the overall 60% growth in year-over-year car sales, the Pakistan Automotive Manufacturers Association (PAMA) report also indicates a notable 36% decline in month-over-month sales. It indicates that the automobile manufacturers are performing well compared to the previous year but have underperformed compared to the previous month. The economy is not in the right position and the automobile prices have gone up significantly over the past 2-3 years. It is the reason why people are finding it difficult to buy their dream cars.
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