After months long sales and production crisis, for IMC (Toyota Indus Motors), there is a beacon of optimism shining through the clouds of prevailing challenges, as there are strong indications of a significant rehabilitation.
As per PAMA report (Pakistan Automotive Manufacturers Association), Toyota Pakistan’s sales are increased by staggering 304%, selling 3,570 units last month compared to 684 vehicles in Dec’23. The company sold Toyota Indus sold 1,207 units of Corolla and Yaris and 132 units of Fortuner and Hilux.
Earlier, IMC observed strong sales contraction, back-to-back production shutdowns in the face of low inventory. Pakistan’s dwindling economic graphs nudged the SBP (State Bank of Pakistan) to impose the import restrictions which in turn took a toll on Pakistan’s car industry.
Car Sales Increased By 81%
Following a sequence of declines and successive plunges, the automotive market in Pakistan has shown a hopeful start this year. According to the Pakistan Automotive Manufacturers Association (PAMA), car sales have surged significantly by 81% on a month-on-month basis, with 10,536 units sold in January 2023 compared to 5,816 vehicles in December 2023.
However, in a year-to-year (YoY) comparison, there was a slight decline of 5%, as car makers sold 11,124 cars during the same period last year, thanks to steep rise in car prices, ceasing purchasing power and low car financing.
Company-Wise Sales Breakdown
- Toyota Pakistan sales jacked up whopping 304%, selling 3,570 units last month compared to 684 vehicles in Dec’23. (MoM growth: 304%)
- Highlighting Honda Atlas’ sales, the carmaker soared by 49%, selling 1,339 units last month compared to 901 units in Aug’23. (MoM growth: 49%)
- Comparing to its Japanese peers, Pak Suzuki Motors Company’s sales increased by 22%, selling 4,550 vehicles against 3,735 cars in July. (MoM growth: 22%)
- Meanwhile, Hyundai Nishat sales increased by 100%, selling 304 units last month compared to 607 units in Aug. (MoM growth: 100%)
What’s your take regarding IMC sales? Drop your thoughts in the comments section.
