KARACHI: As the entire auto sector, barring tractors, faced a steep fall in sales ranging from 14 per cent to 56pc during the first half of 2023-24, the general elections on Feb 8 also failed to lift the sales of Toyota pickups, jeeps and SUVs.

Surging prices along with unprecedented interest rates turning car financing into a more expensive ride have continued to cast gloom on sales.

Total car sales plunged 56pc to 30,662 units during July-December FY24 from 68,912 units despite a slight rise in December 2023 sales to 4,916 from 4,875 units in November 2023. Sales during December 2022 were 13,780 units.

Honda Civic/City sales plunged to 3,938 units from 8,906 units, down by 56pc while Toyota Corolla and Yaris sales also fell 56pc to 5,279 from 12,065 units during 6MFY23.

Politicians’ favourite vehicles make no impression

Suzuki Swift sales shrank to 2,230 from 7,136 units depicting a drop of 69pc while Hyundai Elantra and Hyundai Sonata sales stood at 465 and 429 units in 6MFY24 from 1,282 and 560 units, down by 64pc and 23pc, respectively.

Suzuki Cultus and WagonR sales fell 63pc and 51pc to 1,908 and 1,829 units as compared to 5,143 and 3,769 units in July-Dec FY23.

Suzuki Bolan and Alto 660cc sales plunged to 1,179 and 13,405 units from 2,436 and 27,614 units, posting a fall of 52pc and 51pc, respectively.

Muhammad Tahir of Sherman Research attributed the decline in auto sales to weak demand and high prices despite assemblers’ efforts to improve sales through various sales strategies amid bumper crops and election year.

He said sales are going to recover owing to stable currency and ease in import restrictions in 2HFY24.

The arrival of completely knocked down (CKD) kits of cars and heavy vehicles swelled to $72m and $16m in November 2023 from $23m and $1.5m in October 2023 which improved production during December 2023.

Toyota Fortuner and Hilux sales remained subdued ahead of general elections showing a steep fall of 69pc to 1,919 in July-Dec FY24 from 6,242 in the same period last fiscal year. In December 2023 sales of these vehicles halved to 130 units from 263 in November 2023 while in December 2022 the sales were 944 units.

Hyundai Tucson, Honda BR-V and HR-V, Suzuki Ravi sales came down to 1,659, 947 and 1,446 in July-Dec FY24 as compared to 2,244, 2,197 and 2,273, down 26pc, 57pc and 36pc in the same period last fiscal year.

Bullish tractor sales

At the same time, the sales of Sazgar Haval and Hyundai Porter soared to 1,260 and 827 units from 442 and 569 units.

Trucks (Hino, Master, Isuzu and JAC) and bus (Hino, Master and Isuzu) sales clocked in at 810 and 172 units during the first half of FY24 from 1,627 and 320 units in the same period last year.

Millat and Fiat tractor sales recorded a whooping jump of 140pc and 59pc to 15,099 and 8,312 units as compared to 6,301 and 5,212 units. Honda, Suzuki and Yamaha bike sales declined to 470,399, 7,386 and 4,583 units from 522,770, 20,762 and 6,823 units in 6MFY23.

Road Prince and United Auto Motorcycle sales also fell to 8,082 and 42,196 units from 17,336 and 50,384 units in July-Dec FY23.

Qingqi, Sazgar, Road Prince and United Auto three-wheelers sales stood at 2,484, 4,928, 513 and 1,097 in July-Dec FY24 as compared to 3,481, 3,868, 1,108 and 770 units in the same period last fiscal year.

Published in Dawn, January 12th, 2024