The October 2023 automobile sales report is out, giving us a peek into what’s been happening. The numbers are alarming, with most car makers showing negative year-on-year sales. To break it down, the total car sales from October 2023 compared to the same month last year took a dip by 54%, going from 13,571 units down to 6,180 units.
Amidst this declining trend, the question remains: When or if will there be an end? Let’s delve into the numbers and find some insights.
The following are the main highlights of the blog.
As you can see, tractors beat the cars and bikes in sales (increase). The overall industry is still in the decline phase when compared annually.
Here are the highlights of car sales in October-2023.
Total year-on-year car sales decreased by 54%. The month-on-month change in sales is also negative (-26%). The sales of some Honda’s SUVs have increased on a yearly basis though. In comparison, the best-performing sedans are again Toyota Corolla & Yaris.
These are the bikes’ sales for the month of October-2023.
Nothing here, as all of the bike manufacturers are facing negative sales on a year-on-year basis. Only Suzuki & Road Prince have seen positive sales (+11% & 22%, respectively) on a monthly basis.
Let’s see the tractors’ sales for October-2023.
Tractors’ sales have massively increased on a yearly basis. The Fiat tractors have seen a massive increase of 469%. The Massey Ferguson tractors’ sales have also increased by 100%.
Previously, the auto industry had shown signs of recovery but not this month. We have witnessed a massive decline in sales for certain cars and bikes. However, the tractors’ sales have shown massive growth, indicating a boost in business activity across the agricultural industry.
Data was taken from Pakistan Automotive Manufacturers Association (PAMA). Percentages are rounded off so the actual may slightly vary.
What are your thoughts on the current situation of the automobile industry? Share your opinion in the comment section below