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The automotive business in Pakistan is struggling, with automobile gross sales plummeting in November 2023. Based on the Pakistan Automotive Producers Affiliation (PAMA), solely 4,875 vehicles had been offered in that month, a major drop from the 15,432 vehicles offered in the identical interval the earlier yr.
Based on a report by HT Auto, a number of elements are contributing to this decline, together with the nation’s financial disaster and rising automobile costs, which have lowered the common individual’s shopping for energy. The business is grappling with falling demand, inflated costs because of forex depreciation, excessive taxes, and expensive auto financing.
Main automakers like Pak Suzuki, Indus Motor Firm Restricted, and Honda Atlas Automotive have reported gross sales declines of 72%, 71%, and 49% respectively, year-on-year. The droop in gross sales has led a number of automobile producers, together with Toyota, Suzuki, and Honda, to halt manufacturing of their Pakistan vegetation final month.
From July to October 2023, a complete of 20,871 vehicles had been offered in Pakistan. Gross sales of bikes and three-wheelers additionally dipped, with about 1.01 lakh items offered in October, in comparison with 1.14 lakh items in the identical month final yr. Gross sales of vans, jeeps, and LCVs had been at 1,330 throughout this era.
In stark distinction, India’s automotive business is prospering. Maruti Suzuki India reported a 3.39 per cent improve in whole gross sales at 1,64,439 items in November 2023. Toyota Kirloskar Motor additionally noticed a 51 per cent development in gross sales at 17,818 items final month. Home gross sales had been at 16,924 items, whereas exports stood at 894 items. Within the month of November, round 3.60 lakh items had been offered in India. India managed to promote extra vehicles than Pakistan in lower than half-a-day.
Moreover, two-wheeler makers in India outperformed their four-wheeler counterparts in November. Retail gross sales of two-wheelers jumped 21% in November, in line with information from the Federation of Vehicle Sellers Affiliation (FADA).
Learn extra: 18% on-year development in November auto gross sales; Maruti Suzuki high PV vendor, reveals FADA information
Additionally learn: Auto gross sales reached new milestone in 42-day festive interval; 37.93 lakh autos offered: FADA
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