Car Sales in Pakistan – 2023 vs 2022 – Comparison

In 2023, the overall car sales in Pakistan suffered a major blow compared to 2022 as per data provided by Pakistan Automotive Manufacturer Association (PAMA) throughout 2023. The major decline in car sales was mostly due to an unprecedented increase in prices, production shutdowns aka NPDs, massive inflation that impacted people’s buying power.

In this post, we have a comparison of car sales in Pakistan for the Big 3, which include Toyota, Honda, and Suzuki. While Pakistan Automotive Manufacturer’s Association (PAMA) hasn’t released the final data for car sales in 2023, the comparison is made from data released throughout 2023 (January to November).

Pak Suzuki

Pak Suzuki Motor Company (PSMC) suffered a major blow to sales in 2023, witnessing a fall of 69.24% compared to 2022. If we compare individual car sales, PSMC saw a decline of 78.57% in sales for Wagon R, which used to be one of its best-sellers, while Cultus saw the second major drop in sales by 73.12%.

Here is a comparison for all models:

The huge losses ended up forcing Pak Suzuki Motor Company (PSMC) to delist from the Pakistan Stock Exchange (PSX) as the automaker saw no benefit of remaining listed with low valuation. Hopefully the situation changes for the company in 2024.

Honda Atlas

Honda Atlas Cars (Pakistan) Limited (HACPL) also suffered a big hit to sales in 2023 as it observed fall of 66.26% in total. Meanwhile, the company’s best-sellers (Honda City and Civic) saw a massive drop of 72.28% in sales for 2023 compared to 2022.

Here are the detailed figures:

It is pertinent to mention that Honda Atlas suffered several production shutdowns during 2023 and their plant basically remained closed for weeks at a time. Meanwhile, the massive rise in prices did not help the company as it made vehicles expensive for many buyers.

Toyota aka Indus Motor Company (IMC)

Indus Motor Company (IMC) may have seen the least impact to Toyota car sales during 2023; however, it doesn’t mean that drop in sales was insignificant. Toyota Pakistan suffered a decline of 62.81% in sales during 2023 vs 2022.

The company’s best-selling vehicles (Toyota Corolla and Yaris) saw a fall of 69.41% in sales during the previous year, while Toyota Fortuner and IMVs witnessed a decline of 45.52%, which is understandable since Corolla and Yaris were still targeted towards a middle to middle-upper class, while Fortuner and IMVs were mainly targeted towards upper class.

The increase in inflation has greatly impacted the buying power of the middle to middle-upper class in the country.

Here is a detailed comparison for Toyota sales: