Local Assemblers Experiencing Up to 55% Decline in Q1,FY23-24 Sales

[CSPK]

The challenging period for the local auto industry continues, as sales remain at rock bottom. The decline is attributed to massive currency depreciation, steeply rising car prices, stringent auto financing conditions, and the depleted buying power of the masses.

The first quarter of the current fiscal year came to a very depressing conclusion for locally assembled cars, which caused more anxiety for the auto industry and its stakeholders. The numbers are way lower than that of the corresponding period of the previous fiscal year (Q1, FY22-23) which were already significantly lower than the numbers from Q1, FY21-22.

Related: Is it the End of the Road for Local Assemblers?

Below is the performance breakdown of automakers based on the first quarter sales.

Honda​

Honda’s cumulative sales for the first quarter of the previous fiscal year stood at 5,626 units, however this year the sales nosedived by 55% to 2,510 units.

Toyota​

Toyota’s sales in the discussed period of the previous fiscal year were 8,868 units, however, this year sales shrunk to 4,811 units registering a 45% decline in sales.

Suzuki​

Suzuki sold 16,639 units in the first quarter of the previous fiscal year. This year, however, the automaker was able to sell 10,946 units witnessing a 34% decline in sales.

Hyundai​

Hyundai’s previous year’s sales for the discussed period were 3,097 units which declined to 2,167 units in the first quarter of the current fiscal year for a 30% decline in sales.

From the above, the damage in sales to Honda and Toyota is much more significant compared to Suzuki and Hyundai. Other automakers including Kia, Changan, Proton, DFSK, and United also suffered from a sales decline during Q1, FY23-24, but since they are not members of PAMA, their sales data isn’t publicly available online it is hard to assess the extent of the impact.

Read the full article here: https://carspiritpk.com/car-sales-review-q1-fy23-24/