Toyota & Honda Sales Dropped Last Month: PAMA Report

Toyota & Honda Sales 2024

It has been several years now, and the local car industry is still under threat. There has been a lot of moaning and groaning about the ongoing decline of Pakistan’s auto industry, but nothing has been done to manage it at this worst time. After slight improvements in sales at the start of 2024, car sales (MoM) have hit the bottom again.

Decade-old and established market players such as Toyota Indus Motors (IMC) and Honda Atlas are also witnessing a decline in sales. According to the monthly report of the Pakistan Automobile Manufacturers Association (PAMA), the sales of Toyota Pakistan decreased by 26% and sold 2,036 units last month compared to 2,762 cars in January 2024.

IMC’s Japanese partner, Honda Atlas, suffered a similar fate. The company’s sales fell 13% to 1,517 units last month, compared to 1,339 units in January 2024.

Surprisingly, Pakistan Suzuki Motors Company (PSMC) has different numbers these months. The Suzuki company’s sales increased by 7%, selling 4,885 vehicles compared to 4,550 cars in January 2024.

As for the factors behind all this, rising prices, the high cost of car financing, and declining purchasing power have collectively deterred customers from buying new cars.

After a few months, there has been another slump in car sales. According to the latest report of the Pakistan Automobile Manufacturers Association (PAMA), there was a significant drop of 8% in vehicle sales in the month (MoM), with 9,709 units sold in February 2024, compared to 10,536 vehicles in January 2024.

However, there is a significant growth of 57% in year-on-year (YoY) analysis. Automakers managed to sell 6,186 cars in the same period last year.

What do you think of the sales trends going on? Any good prospects for the coming months? Tell us in the comments section.

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