The automobile sales report for April 2023 is here and the numbers look quite scary for the entire automobile industry. The overall month-on-month car sales (4,463 units on Apr-23) have decreased by 52% compared to Mar-2023 sales (9,351 units).
If we see the figures for year-on-year sales, the situation is more critical. The overall year-on-year car sales (4,463 units on Apr-23) are down by 80% compared to Apr-2022 sales (22,543 units). The year-on-year sales for bikes and tractors are also down by 45% and 34% respectively.
Let’s see how much the automobile industry is suffering these days.
The following are the main highlights of the blog.
As expected after frequent price hikes and production suspensions, the year-on-year sales of all cars, bikes, and tractors have declined. On a monthly basis, a few vehicles (2-3) have managed to get positive sales (highlighting one is Fiat tractors with a 537% increase).
Here are the highlights of car sales in April-2023.
Overall car sales have decreased significantly both on a monthly and year-on-year basis. The sales (year-on-year) of hatchbacks have dropped by over 90% which shows low to medium-income people are finding it hard to buy a car. Even the sales (year-on-year) of sedans and SUVs have dropped.
These are the bikes’ sales for the month of April-2023.
The condition of bikes is not different from cars. The year-on-year sales of all the bike companies have dropped significantly. Even the sales of Road Prince, United, and Ravi have declined by a huge number which shows how even low-income people are not being able to buy bikes.
Let’s see the tractors’ sales for April-2023.
Although the monthly sales of Fiat tractors have increased by 537%, the year-on-year sales have decreased for both Fiat and Massey Ferguson tractors.
It has been a long time since sales started to drop in the automobile industry. Even when Covid was at its peak and the automobile industry faced a similar (if not worse) kind of situation, the other factors like the political situation and economic situation were not this bad. With these figures and the current political & economic crisis (nearly all-time low forex reserves), we can predict a much worse situation for the automobile industry is yet to come.
Let’s see how the automobile companies move on from here as currently, they are just passing down the burden to consumers which has resulted in record-low sales.
What are your thoughts on the current situation of the automobile industry and how are you affected by it? Tell us in the comment section below.
Data were taken from: Pakistan Automotive Manufacturers Association (PAMA)