In December 2023, car sales in Pakistan recorded a huge decline of 66%. Only 5816 cars were sold in the country.
December 2023 also recorded a 10% decline in car sales compared to November 2023.
According to the data released by the Pakistan Auto Manufacturers Association, the first six months of the fiscal year (July to December) saw a decline of 53 percent in car sales when 39,454 cars were sold.
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All the car manufacturing companies in Pakistan recorded a decline in sales, except for Pak Suzuki, which recorded a seven percent growth in car sales in the month of December compared to November.
However, its car sales also fell compared to December last fiscal year.
According to analysts, the main reason for the decline in car sales in Pakistan was the huge increase in their prices due to the increase in the value of the dollar.
Along with this, the tendency to take car loans from banks also decreased due to an increase in interest rates, which negatively affected the overall situation of car sales.
