The overall sales of automobiles and vans increased by 81 percent to 10,536 in January from 5,816 in December 2023. This was accomplished despite the fact that interest rates were at an all-time high, prices were climbing, and there was political and economic instability.
Sales in the aforementioned segment, on the other hand, remained 5% lower when compared to 11,124 units during the month of January 2023. A total of 49,990 automobiles, vans, and minivans were sold during the fiscal year 2024, a decrease of 48 percent from the 95,240 units sold during the same period of the previous fiscal year, as reported by the Pakistan Automobile Manufacturers Association (PAMA).
According to an analyst at Top Line Securities, the decline in sales over the past seven months can be attributed to a number of factors, including the rise in the cost of automobiles, the increase in the interest rates on automobile financing, and the decrease in the purchasing power of consumers.