Pakistan Autos – Car sales fell by 22% MoM to 10.2K units in Nov 2024 amidst year end impact

ISLAMABAD: Based on PAMA numbers, Car sales in Pakistan clocked in at 10,163 units in Nov 2024, reflecting a 57% YoY rise but a 22% MoM fall in sales. This takes 5MFY25 sales to 50,856 units a 51% YoY rise from 33,637 units in 5MFY24.

MoM decline is mainly due to the end-of-year effect, as buyers delay deliveries/purchase of the car in a bid to get new year registrations.The Final Card is in Hand, Imran Khan

Sazgar Engineering (SAZEW) saw the most significant MoM fall of 42% to 584 units in Nov 2024. While, production of SAZEW remained almost flattish (down 1%) on MoM basis at 993 units.

Indus Motor Company (INDU) saw decline of 13% MoM to 2,194 units in Nov 2024. While on YoY basis, company reported increase of 129% YoY, led by significant jump in Toyota Sales.

Pakistan Suzuki Motors Company (PSMC) recorded sales of 5,374 units a 53% YoY rise while a 26% MoM fall. Honda Atlas Cars (HCAR) recorded sales of 1,112 units, up 10% YoY rise while 27% MoM fall.

Hyundai Nishat Motor saw a 11% YoY and 21% MoM rise to 724 units in Nov 2024, making it the only company to report a MoM rise during the month led by 45% jump in Tucson sales.

Pakistan also started witnessing sales of locally assembled electric vehicles, as Dewan Farooque Motors (DFML) sold 63 units of newly launched Honri.

In the motorcycle segment, 2 wheelers and 3 wheelers sales increased by 36% YoY while down 12% MoM totaling to 120,484 units in Nov 2024.

Total tractor industry recorded sales of 3,428 units, a decrease of 2% YoY while recovering 98% MoM. This was mainly due to rescind of SRO 563(1)/2022. Company wise, Al Ghazi Tractors (AGTL) saw sales of 2,012 units, up 187% YoY and 584% MoM. While Millat Tractors (MTL) recorded sales of 1,416 units, down 50% YoY and 2% MoM in Nov 2024.

5MFY25 Tractor sales stood at 10,367 units a 50% YoY decline.

Truck and bus sales were up 126% YoY but down 7% MoM, reaching 328 units in Nov 2024.

Going forward we expect sales to post strong growth from Jan 2025 owing to recovery in auto finance amidst falling interest rates. While in Dec 2024, we may see some decline on MoM owing to year end impact.