Pakistan’s automotive industry witnessed 20-year lowest sales in 2023

Pakistan’s automotive industry continues to face challenges as the country struggles with low economic growth, higher taxes, and a continued devaluation of local currency.

In 2021-22, auto sales increased by 55 % despite the high inflation, and more than 23,500 cars were sold in June 2002 alone. However, car sales dropped by 53% from July-Dec 2023 and only 39500 cars were sold in 6 months. In Dec 2023 only 5,800 cars were sold in Dec 2022, while 16,921 cars were sold.

Pakistan’s automobile sector is showing no signs of improvement soon and it is continuously declining, experts believe that an increase in raw material, higher taxation, soaring inflation, rupee devaluation, and political instability are the main causes of this decline. 

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