- Monday, April 29, 2024
The South Asian economy has been grappling with serious economic challenges that have affected its automobile industry.
By: Shubham Ghosh
THE automobile industry in Pakistan, which is going through one of its worst economic crises, witnessed the lowest sales of cars ever in 2023. Sales of passenger vehicles were majorly hit as people in a plummeting economy could not afford to buy them.
Sales went down for most manufacturers across vehicle segments and according to data released by the Pakistan Automotive Manufacturers Association, only 30,662 cars were sold across the country last year.
The most significant sales were registered in the segment for cars with engine sizes below 1,000 cc (cubic capacity). While Suzuki cars saw the most number of sales in below-1,000 cc and 1,000 cc categories, the over-1,300 cc category saw the likes of Honda and Toyota selling more.
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Compared to 2022, the sale of cars across all segments went down by more than half. That year, a total of 68,912 cars were sold in Pakistan as against 30,662 in 2023.
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The passenger vehicle segment in the country has been severely hit as the country’s automotive industry struggles. The sales have been impacted by factors such as rising prices of cars, frequent suspension of production and the depreciation of the local currency.
The slump has seen major companies such as Pak Suzuki, Indus Motor Company and Honda Atlas Cars facing major losses.
