Automotive sector sees 46.7% rise

Passenger car sales gained momentum, rising to 30,625 units in the first four months of the current fiscal year a 46.7% increase compared to the same period last year. This growth is attributed to improving economic conditions following gradual and continued decreases in interest rates.

According to the car sales data released by the Pakistan Automotive Manufacturers Association (PAMA) on Monday, sales of trucks and buses surged by 82% to 1,074 units and by 66.4% to 203 units respectively. Sales of jeeps and pick-ups went up by 60% to 10,068 units, while two and three-wheeler (motorbikes and rickshaws) sales increased by 23.4% to 457,880 units as usual.

However, once again, tractor sales fell prey to a significant decrease by 59.9%, to 6,939 units, despite the country’s diverse agrarian economy in rural areas.

Auto Sector Analyst and Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) former chairman Mashood Khan said sales of passenger cars, trucks, buses, jeeps and motorcycles are going up during the last four months of the fiscal year except for the farm tractors.