Car sales dip 11% in Nov as interest rate soars

As interest rate soared and ever-increasing car prices, the sale of cars has been dropped 11 percent, motorbikes by seven percent and tractors sales by 14 percent in November in comparison to October, reported 24NewsHD TV channel on Wednesday.

As per a report, 15,351 cars were sold in Nov in comparison to October in which 17,413 cars were sold.

Since July, car sales were declined 25 percent. The report suggests that increasing car prices also affect sales. 

Motorbikes sales were also dropped by seven percent in November, however, in October the sales of buses and trucks were increased by 10 percent. 

Honda sales increased by 13 percent. The company sold 237 units of BRV in November. New entrant Hyundai Nishat sales fell 30 percent in November. It sold 748 vehicles against 1,068 in October. Tractor sales also dropped 14 percent to 4,617 units. AGTL saw a significant slump of 27 percent while MTL sales dropped by seven percent.

In the two-wheel segment, the bike sales went up by a measly one percent in the first five months of the fiscal year 2022 to 779,400 bikes sold in the ongoing fiscal year. The country's top bike maker, Atlas Honda, posted highest-ever monthly sales of 128,503 units in November with a three percent increase compared to October.

Reporter Ashraf Khan