Business

Pakistan’s car sales surge 112% in October

Tractors saw a 61% recovery from last month, with 1,733 units sold in October

Pakistan’s car sales surge 112% in October
Photo of new cars parked in front of a car dealership
Pexels

Pakistan's car sales reached 13,108 units in October, marking a remarkable 112% increase compared to the same month last year, official data showed on Monday.

This significant growth is mainly driven by lower auto financing rates — resulting from a decline in interest rates — the introduction of new models, and stable prices.

Car financing rose slightly to PKR 227.5 billion in September, up 0.11% from August, breaking a 26-month negative growth trend.

For the first four months of the current fiscal year, overall car sales hit 40,693 units, a 50% increase from 27,162 units in the same period last year.

Indus Motors (INDU) reported sales of 2,526 units in October, up 142% from 1,047 units in the same month last year. This growth is mainly due to a promotional price offer on the Corolla Cross.

Honda Atlas Cars (HCAR) saw sales reach 1,514 units, up 230% from 459 units in the same period last year, driven by higher sales of the City and Civic models.

Pak Suzuki (PSMC) recorded sales of 7,302 units, a 92% increase from 3,810 units last year, largely attributed to higher Alto sales, which were up 49% on a sequential basis. Additionally, the newly launched Every model clocked in sales of 262 units as a replacement for the Bolan.

Sales for two and three-wheelers in October reached 137,693 units, the highest in 28 months, representing a 35% year-over-year increase. Tractors saw a 61% recovery from September, with 1,733 units sold in October 2024.

An analyst at Sherman Securities said the surge in vehicle sales indicates a positive trend in Pakistan's automotive market, driven by favorable financing conditions and the introduction of attractive new models.

Comments

See what people are discussing

More from Business

Oil prices stabilize amid OPEC+ decision to delay output increase

Oil prices stabilize amid OPEC+ decision to delay output increase

OPEC+ delays production hikes to stabilize the market amid looming supply glut concerns, but questions remain about the strategy's effectiveness.