Decline in Car Sales

Pakistan’s car sales witnessed a significant 40% decrease in the first quarter of the current fiscal year compared to the previous year, while a 10% increase was observed on a monthly basis in September.

The All Pakistan Auto Manufacturers Association reported that only 20,983 cars were sold, marking a stark contrast to the 35,002 units sold during the same period in the preceding fiscal year.

The report highlighted specific sales figures for prominent manufacturers.

Pak Suzuki experienced a 34% decline, with 10,946 units sold, whereas Indus Motor saw a 49% decrease, with 4,511 units sold.

The Honda Atlas witnessed a significant 55% reduction, selling only 2,510 units, compared to the 5,626 units sold in the corresponding period last fiscal year.

Similarly, Hyundai Nishat Motor’s sales dropped by 30%, with 2,167 units sold compared to 3,097 in the previous fiscal year.

Impact of Currency Fluctuations

The recent fall in car prices in Pakistan has been attributed to the substantial depreciation of the Pakistani rupee against the US dollar.

Lucky Motor Corporation (LMC) announced a price reduction of up to Rs500,000 for KIA vehicles in response to the strengthening of the Pakistani rupee.

The reduction includes various models, such as the Picanto AT, Sportage FWD and AWD, Black Limited Edition, and Sorento variants, each experiencing significant price cuts ranging from Rs100,000 to Rs500,000.

Price Reduction Announcement

LMC’s decision to lower prices was exclusively offered to customers choosing the full payment option.

The reductions were implemented with immediate effect, reflecting the company’s response to the changing market dynamics influenced by currency fluctuations.

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