Islamabad, Dec 11: Car sales in Pakistan for November 2024 totaled 10,163 units, marking a 57% increase year-on-year (YoY) but a 22% decrease month-on-month (MoM). For the first five months of fiscal year (FY) 2025, sales reached 50,856 units, reflecting a 51% YoY rise compared to 33,637 units in the same period of FY24.
The MoM decline is attributed to the year-end effect, where buyers delay purchases for new year registrations, according to Topline Research.
Sazgar Engineering (SAZEW) experienced the largest MoM decline, with sales falling 42% to 584 units, though production remained relatively stable, down just 1% to 993 units. Indus Motor Company (INDU) saw a 13% MoM drop to 2,194 units, but a 129% YoY rise, driven by strong Toyota sales.
Pakistan Suzuki Motors Company (PSMC) recorded 5,374 units, a 53% YoY increase, but a 26% MoM decrease. Honda Atlas Cars (HCAR) sold 1,112 units, a 10% YoY increase, while experiencing a 27% MoM decline.
Hyundai Nishat Motor was the only company to report a MoM increase, with an 11% YoY rise and a 21% MoM rise to 724 units, led by a 45% surge in Tucson sales. Additionally, Dewan Farooque Motors (DFML) sold 63 units of its newly launched Honri electric vehicle, marking the beginning of locally assembled electric vehicle sales in Pakistan.
In the motorcycle segment, 2-wheeler and 3-wheeler sales increased by 36% YoY but fell 12% MoM, totaling 120,484 units in November 2024.
The tractor industry saw a slight 2% YoY decrease in sales but a significant recovery of 98% MoM, with 3,428 units sold.
Al-Ghazi Tractors (AGTL) experienced a notable 187% YoY and 584% MoM increase, while Millat Tractors (MTL) saw a 50% YoY decline and a slight 2% MoM drop.
Tractor sales in the first five months of FY25 stood at 10,367 units, a 50% YoY decrease. Truck and bus sales were up 126% YoY but down 7% MoM, reaching 328 units in November 2024.
Looking ahead, sales are expected to show strong growth starting in January 2025, driven by a recovery in auto finance and decreasing interest rates, though December 2024 may see a slight MoM decline due to year-end effects.
