• Download the Constitution of Pakistan
  • Advertise
Sunday, July 20, 2025
  • Login
NEWSLETTER
ECONOMY
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology
No Result
View All Result
ECONOMY
No Result
View All Result
Home Business

Automobile sales jump 30% year-on-year in January

by News Publishing
February 14, 2024
in Business, Economy, Main
Reading Time: 2 mins read
0
Automobile sales jump 30% year-on-year in January
Share on FacebookShare on TwitterLinkedinWhatsapp

Auto sales surged by 30% in January this year compared to the same period last year, driven by a combination of factors including a low base effect and the introduction of new models.

Despite this notable increase, industry data revealed that overall sales remained down by 49% in the first seven months of the fiscal year.

According to figures released by the Pakistan Automotive Manufacturers Association (PAMA), passenger car sales in January 2024 reached 7,802 units, marking a significant rise from 6,021 units in January 2023. However, sales for the first seven months of FY24 totaled 38,464 units, a steep decline from the 74,933 units sold during the same period in FY23.

The surge in January 2024 sales, which saw a 59% increase compared to December 2023, was attributed to various factors, including improved production capacity and resolved supply chain issues that plagued the industry in the previous year.

Mashood Ali Khan, an auto industry expert, highlighted that while January last year faced challenges with CKD and plant closures, this year’s sales uptick indicates positive momentum. However, Khan cautioned that economic and political uncertainties continue to hamper sustained growth in the sector.

Sales trends varied across vehicle categories, with the 1300cc and above segment witnessing a slight decline, while sales of 1000cc cars, particularly Suzuki’s Alto, experienced a substantial increase. Tractors also saw a notable uptick in sales, attributed to increased demand in the agriculture sector.

While the report noted that escalating car prices, expensive auto financing, and reduced consumer purchasing power contributed to the overall decline in sales for the first seven months of FY24, it also highlighted positive growth indicators, such as the surge in tractor sales and the launch of new models driving increased demand.

Additionally, the report mentioned that Indus Motors (INDU) recorded a significant increase in car sales, primarily due to the launch of the new Corolla Cross, indicating a positive response from consumers to new offerings in the market.

Overall, while challenges persist in the automotive industry, positive sales trends in certain segments and the introduction of new models suggest potential opportunities for growth and recovery in the sector.

Tags: Automobile salesCar saleslatestPakistan
News Publishing

News Publishing

Related Posts

Pakistan, Russia sign Protocol to restore & modernize PSM

Pakistan, Russia sign Protocol to restore & modernize PSM

by News Publishing
July 11, 2025
0

Pakistan and Russia have signed a Protocol to restore and modernize Pakistan Steel Mills (PSM) in Karachi, reaffirming their long-standing...

PSX soars to new high of over 133,000 points in intraday trade

PSX soars to new high of over 133,000 points in intraday trade

by News Publishing
July 7, 2025
0

July 8, 2025: The Pakistan Stock Exchange (PSX) continued its remarkable upward trend on Monday, as the KSE-100 index surged...

Pakistan, Azerbaijan sign $2billion investment agreement

Pakistan, Azerbaijan sign $2billion investment agreement

by News Publishing
July 5, 2025
0

Pakistan and Azerbaijan have signed an agreement for investment worth two billion dollars in diverse sectors of Pakistan's economy. The...

Electricity Rate cut 2025

NEPRA Slashes Power Tariff by Rs1.16 Per Unit

by Anum Arif
July 2, 2025
0

In a major relief to power consumers across Pakistan, the National Electric Power Regulatory Authority (NEPRA) has approved a reduction...

Petrol price increased by Rs8.36 per litre for next fortnight

Petrol price increased by Rs8.36 per litre for next fortnight

by News Publishing
July 1, 2025
0

The Finance Division has announced a significant increase in fuel prices, citing volatility in global crude oil markets. Effective from...

PSX 2025

PSX Crosses 125,000 Points for First Time

by Anum Arif
June 30, 2025
0

The Pakistan Stock Exchange (PSX) achieved a historic milestone on June 30, 2025, as the benchmark KSE-100 Index crossed the...

Next Post
Pakistan likely to sign fresh IMF loan programme

Pakistan likely to sign fresh IMF loan programme

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Us

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Important Categories

  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • YouTube
  • Linkedin
  • TikTok
  • WhatsApp
  • About
  • Advertise
  • Careers
  • Contact

© 2024 Economy.pk - Web Development by Digital Otters

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Business
  • Education
  • Entertainment
  • Finance
  • Health
  • Life & Style
  • Politics
  • Sports
  • Technology

© 2024 Economy.pk - Web Development by Digital Otters