The automotive sector in Pakistan is currently going through one of the worst crisis due several factors ranging from the poor handling of the economic situation, devaluation of currency, and restriction on imports that has lead to car sales in Pakistan witnessing a significant drop during July 2022.
According to the details, Pak Suzuki Motor Company (PSMC) has recorded one of the lowest sales as the company sold fewer than 6800 units in July 2022, which means a fall of over 60% in month-on-month sales. The automotive company was able to sell less than 500 units of any car, except Suzuki Alto that managed sales of 4,600 units.
Toyota Indus Motor Company (IMC) has also reported one of the lowest car sales in Pakistan during the last two years as it witnessed a decline of 60% in July 2022. According to the details, the company sold just 2,375 CKD units, including Corolla, Yaris, Fortuner, and Hilux during the previous month.
The automotive company was unable to keep up with sales due to several factors, especially the constraints on getting Letter of Credits (LCs) for the import of Completely Knocked Down (CKD) kits from the State Bank of Pakistan (SBP). Furthermore, IMC has also announced a 100% refund with mark-up to their customers in case of order cancellation as it fails to meet delivery timelines.
It is pertinent to mention that IMC had recorded sales of 500 units during May 2020 due to the COVID-19 lockdown.
Hyundai Nishat Motors is in the same boat as everyone else as the company observes one of the lowest car sales in Pakistan with a drop of 89% in July 2022. According to the details, the company sold only 104 units of Hyundai Tucson in July 2022, while it was unable to sell any of its sedans. However, the company managed a total of 213 units sold during the previous month.
The possible reasons behind one of the lowest car sales in Pakistan during July 2022 is the fact that companies are facing trouble importing the necessary parts and raw materials due to the restriction placed by the State Bank of Pakistan (SBP) that has led to these automotive companies observing non-production days (NPDs)
Read more: All New Toyota Yaris 2023 Revealed [Images].