Car Sales Surge with Suzuki and Sazgar Leading

Automobile sales in Pakistan reached 13,108 units in October 2024, a significant rise of 27% MoM. According to data from the Pakistan Automotive Manufacturers Association (PAMA), this impressive gain is also a result of a 112% YoY increase.

Sales for the first quarter of fiscal year 25 have increased by 50% to 40,693 units, up from 27,162 units in the same period last year.

This growth is mostly due to better financing choices and a more positive outlook from consumers as interest rates level off. New models, especially hybrids and electric vehicles (HEVs and EVs), are seeing increased demand and are anticipated to hit the market in the near future.

Sales of Cars

Sazgar Engineering (SAZEW) topped the market with a huge 296% YoY growth and a 21% MoM growth, selling 1,002 units in October 2024, which was the company’s best monthly sales ever.

With a total of 7,040 units sold, Pak Suzuki Motors Company (PSMC) saw robust growth of 85% YoY and 40% MoM. Notably, the Suzuki Alto exhibited a significant growth of 80% YoY and 49% MoM.

The consistent demand for Indus Motor Company’s (INDU) models was evident in the 2,532 units sold, which represented a 142% YoY gain and a 7% MoM increase.

In October, sales of 1,514 units of Honda Atlas Cars (HCAR) surged 230% YoY, marking a notable improvement. While sales for Hyundai fell 26% from the prior month, the company nevertheless managed a 34% YoY increase with 504 vehicles sold.

Two-Wheelers and Motorbikes

With sales growing by 35% year-on-year and 5% month-on-month, the motorcycle and three-wheeler segment also saw a strong increase, reaching 137,693 units, the largest monthly volume in 28 months. Consumers’ increased buying power and steady gasoline prices are fuelling this segment’s expansion.

Sales of 115,293 vehicles, up 28% year-over-year and 5% month-over-month, put Atlas Honda Limited (ATLH) in first place in the segment.

The motorbike and three-wheeler division of Pak Suzuki Motors Company (PSMC) also witnessed a robust 79% YoY rise and a 10% MoM growth, reaching 2,182 units.

With 1,207 units sold in October, Sazgar Engineering (SAZEW) saw a massive 139% year-over-year growth and a 9% month-over-month increase.

With a combined increase of 85% year over year and 5% month over month, other companies in this area reported total sales of 17,817 units.

Powerful tractors

On the other hand, the tractor segment encountered difficulties, with sales of 1,733 units in October 2024, a 67% year-over-year drop. A recent policy change by the Federal Board of Revenue (FBR) partly caused this decline by opening up the use of tractors for non-agricultural applications, which disrupted demand.

Sales for Millat Tractors fell short of expectations in October 2024, falling 3% month-over-month and 52% year-over-year to a total of 1,439 units. With 294 units sold, Al-Ghazi Tractors (AGTL) likewise witnessed a precipitous fall, with a 67% YoY and a 5% MoM dip, respectively.

Buses and trucks

Sales of trucks and buses were up 102% year-over-year and 10% month-over-month in October 2024, reaching 351 units. The growing transport and infrastructure industries are probably the ones driving this spike.

In October 2024, Hino’s truck and bus segment reached 107 units, an increase of 102% year-on-year and 38% month-on-month.

Master Motors also saw growth, with 48 units sold, an increase of 234% year over year and 30% month over month.

With sales of 51 units, JAC maintained a consistent 102% YoY growth and a 15% MoM increase.

Additionally, with 145 units sold in October, Isuzu witnessed a 78% YoY growth and a 10% MoM rise.