Despite recent price increases, car demand appears to be strong. According to a report by the Pakistan Automotive Manufacturer’s Association, May saw 22,893 car sales. This is a 2 percent month-over-month (MoM) and 46 percent year-over (YoY), increase in car demand.
Toyota Indus Motor Company sold 5,882 units, registering a MoM increase in sales of 2 percent and YoY growth of 47 percent. Hyundai Nishat Motors Private Limited, (HNMP), sold 1,710 vehicles in the same period. This was a 33 percent MoM increase and a massive YoY increase of 168 per cent.
HACL sold 2,910 vehicles, with an MoM increase in 11 percent and a YoY rise of 45 percent. PSMC sold 12,212 units, with a decrease in MoM of 3 percent and a YoY growth of 47 percent.
These are some of the most popular cars in Pakistan:Analysts and automakers have forecasted a slump in sales because of upcoming price increases. Price hikes are being blamed on rising shipping costs, increased fuel costs and depreciation of local currencies. Analysts believe that car sales will continue to be strong because the carmakers are full to the brim of pre-booked orders. It would be interesting to observe how sales perform in Q4CY2022 and Q1CY2023, when price increases will really begin to impact the demand.