Despite an increase from month to month in October, the total number of cars sold fell by 47 per cent to 39,700 units in 4MFY23 from 74,952 units as a result of increased prices, restrictions on auto financing and part imports, and high interest rates.
However, the number of cars sold in October increased to 11,129 from 9,213 in September, a significant decrease from the 17,413 sold in October 2021.
Assemblers have been allowed to hand over automobiles after the release of auto parts from the port as a result of the State Bank’s decision to increase the import quota, which led to a recovery in car sales as well as production in October.
Honda Civic/City sales decreased to 6,416 units in 4MFY23 from 10,444 units during the same period in FY22, while Toyota Corolla and Yaris sales significantly decreased to 8,253 units from 19,214 units. Sales of the Suzuki Cultus and WagonR decreased from 11,454 to 6,779 units to 2,952 and 2,181 respectively. Sales of the Suzuki Bolan and Alto were unchanged at 1,469 and 13,464 units, compared to 4,012 and 20,773 units in 4MFY22.
Jeep and pickup sales decreased by 45 percent, from 14,969 units in the same period last fiscal year to 8,234 units in July-October FY23.
Additionally, the total number of tractors sold decreased by 47 per cent, from 17,386 units to 9,258 units, indicating a decline in agricultural activity.
Compared to 2,011 and 184 units sold in 4MFY22, trucks and buses showed sales of 1,109 and 210 units, respectively.
Sales of two and three-wheelers in the country fell dramatically, from 629,212 units in the same period last year to 412,111 units in the first four months of the current fiscal year.
