LAHORE MIRROR — Passenger car sales in Pakistan witnessed a steep fall of 68% on a year-on-year (YoY) basis in November 2023, data from the Pakistan Automotive Manufacturers Association (PAMA) showed on Monday.
The sale of passenger cars stood at 4,875 units in November, against 15,432 units recorded in the same month of the previous year.
On month-on-month (MoM) basis, the car sales witnessed a slight gain of 1% as compared to October 2023 when 4,850 units were sold.
“MoM growth in car sales is led by Honda Atlas Cars (HCAR) due to easing of supply side issues. However, escalating car prices, expensive auto financing, and the lower purchasing power of consumer contributed to the decline in YoY sales,” brokerage house Topline Securities said.
In first five months of the financial year 2024, passenger car sales have declined 53% to 25,746 units.
