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Thursday, October 12, 2023

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Car sales see 30% decline YoY in Sept amid high prices, interest rates

 Thursday, October 12, 2023

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PAMA says 6,410 vehicles sold in Sept 2023.
In Sept 2022, 9,213 units were sold.
Deals rise 8% contrasted with August.

KARACHI: Vehicle deals saw a 30% downfall year-on-year in September in the midst of exorbitant costs and loan fees, The News detailed refering to an industry information body.


The Pakistan Car Producers Affiliation (PAMA) said 6,410 vehicles were sold in September 2023 contrasted with the 9,213 sold around the same time the year before. In any case, deals rose 8% in September contrasted with August because of the lifting of import limitations.


For the primary quarter of the monetary year 2023/24, traveler vehicle deals dropped 44% to 16,021 units, contrasted and 28,571 units in a similar period last year.


Deals of 1,300cc or more vehicles declined by 38% to arrive at 2,939 units, last year deals of such vehicles was 4,715 units. Notwithstanding, it expanded by 27% against 2,310 units in August.


In September, 691 units of 1,000cc were sold contrasted with 1,517 units sold during that very month last year. Beneath 1,000cc vehicles recorded an offer of 2,780 units, down 7% against 2,981 units of a year ago. This classification of vehicles likewise recorded a month-on-month decline against 2,935 units in August.


No less than 185 units of transports and trucks were sold in September 2023 contrasted with the 378 units sold around the same time the year before. Deals expanded on a month-on-month premise against 167 units in August.


Then again, the offer of jeeps and pick-ups declined to 1,902 units from 2,075 units sold during a similar period last year. However, similar to any remaining classifications, it saw an increment on a month-on-month premise. Deals of work vehicles rose to 5,445 units from 2,149 units in September last year.

The offer of carts and motorbikes expanded to 107,084 units during September 23 against 99,581 units in a similar period last year.


Topline Protections Expert Radiant Kumar credited the month to month expansion in vehicle deals to the facilitating of import issues for totally wrecked (CKD) units on which the vehicle producers depend for the gathering of vehicles.


"Nonetheless, raising vehicle costs, costly car funding and the low buying force of shoppers are among the essential purposes behind the decrease in year-on-year deals," he added.


Among makers, Honda Map book Vehicle (HCAR) recorded the most noteworthy increment of close to 100% month-on-month, as it sold 1,342 units in Sep-2023 yet it was to a great extent because of the low base the organization had the earlier month when selling 674 units was just capable.


Pak Suzuki (PSMC) was the one in particular that recorded a decay of 1% month-on-month to 4,234 units in Sep-2023 drove by 8% month-on-month decrease in deals of Alto. Different variations including Ravi, Bolan and Cultus recorded an increment of 58% month-on-month, 38% month-on-month and 9% month-on-month, individually. Quick and Cart R deals stay level month-on-month at 506 and 359 units in Sep-2023.

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