Cars sale decline 35pc, motorcycles 12 percent during month of July

Pakistan Auto Manufacturing Association has said the sales of car made by local manufacturing companies has registered 35 percent decline during the month of July, reported 24NewsHD TV channel.

Pakistan Auto Manufacturing Association while releasing the data of auto sector sales for the month of July 2024 said that compared to June 24, vehicle sales recorded 35 percent decline in July.

According to the data, 8,589 vehicles were sold in July 2024 while in previous month June 2024, 13,284 vehicles were sold.

However, 8589 units were sold in July 2024 compared to 5,091 units in July 2023. Vehicle sales increased by 69 percent in July 24 compared to July 23, reports said.

Motorcycle sales also showed declined in July 24 compared to June 2024. Compared to June, Honda motorcycle sales decreased by 12 percent as 70255 bikes units were sold in July 24. Suzuki motorcycle sales rose 5 percent to 1,643 units in July 24 compared to June 2024.

While sales of tractors fell by 65 percent in July 2024 compared to June 2024. Around 1460 tractors were sold in July 24 as against 4134 units in June 24.

Truck and bus sales rose 3 percent in July 2024 compared to June 24. Only 171 units were sold in July 24 compared to 299 units in June 2024.

The report said a significant decline in vehicle sales was owing to an increase in tax rates, shortage of raw materials and hurdles in clearance of imported raw materials. The main reason for the decrease in the sale of tractors is the 10 percent general sector tax imposed in the budget, reports added.

Reporter: Ashraf khan