Pakistan February 2023: Hyundai (-13.5%) resists in market devastated by production issues (-73.4%)
Hyundai manages the best hold in market in February.
February sales of locally assembled light vehicles in Pakistan implode -73.4% year-on-year in February to just 5,762 units, the lowest month of sales since pandemic-hit May 2020. This is according to local association PAMA. Note not all manufacturers present in Pakistan are members of PAMA such as Kia, Changan and MG notably and therefore don’t appear in these statistics. Adding non-PAMA members, the Pakistani new light vehicle market is estimated to account for 6,400 units, also down -73% on February 2022. The reason behind such a freefall of sales lies with the non-availability of CKD parts amid Letter of Credit issues which led to production stops. Imports of goods into Pakistan generally require a Compulsory Letter of Credit. Other factors include rising car prices, expensive auto financing, and low purchasing power.
Like last month the brands and models ranking are completely reshuffled in February. Toyota (-61.1%) dominates with 31.3% share ahead of Honda (-40.4%), while Hyundai (-13.5%) shines in context to hit its highest ever ranking (#3) and market share (22.1%). Traditional leader Suzuki nosedives -92.3% to 17% share. It is the first time in Pakistani history that Honda and Hyundai outsell Suzuki. JAC (-21.4%) and Isuzu (-65.2%) follow. Over in the models ranking, the Honda Civic (-45.6%) is estimated to be on top for the first time, just one unit above the Hyundai Tucson (-8.5%) whose previous generation is still on sale in Pakistan. The Toyota Corolla (-70.1%) and Suzuki Alto (-92.4%) are in tow.
Previous month: Pakistan January 2023: Honda HR-V/BR-V surprise leader
One year ago: Pakistan February 2022: Suzuki Alto hits 33.1% share in market up 31.8%
Full February 2023 Top 9 all brands and Top 20 all models below.