ISLAMABAD - Honda Atlas faces the worst setback in Pakistan as the Honda Vehicles sale and production in Pakistan registered massive decline with the sales dropping by near two third in September 2019.
Car sales in Pakistan registered a decline of 39pc in Sept 2019, compared with the same month of last year.Honda (HCAR) remained the biggest contributor to the industry’s decline, as its sales went down 68pc in Sept 2019, followed by Indus Motors (INDU -57pc) and Pak Suzuki (PSMC -18pc).
This is primarily attributable to higher auto prices post rupee devaluation, higher interest rates for auto financing, and overall economic slowdown affecting disposable income.
The significant attrition in INDU’s volumes was mainly due to a 59pc YoY decline in its Corolla variant, which historically has supported the company’s overall volumes and has been the consumers’ preferred choice in the sedan category. Similarly, the sales of Fortuner and Hilux plunged by 43pc and 32pc during the month under review.