Major car manufacturing companies in Pakistan reached the brink of collapse, only 11,500 vehicles were sold in the country in January 2023.
According to the details, major car manufacturing companies in the country came to the brink of collapse, eleven thousand five hundred cars were sold in January alone, which is 37% less than December 2022 and 47% less than January 2022.
Ninety-four thousand three hundred vehicles were sold in seven months, which is forty percent less than last year.
Due to unavailability of spare parts and CKD, major companies failed to meet the demand of the country.
Auto sector State Bank ban on opening of LCs remains, import of vehicle CKD, spare parts and other goods is not allowed.
State Bank increased the interest rate to 16%, due to which car financing by banks also became more expensive, Demand for cars has already declined due to expensive car financing.
Neither dollars are available to legal companies registered in Pakistan, nor is the State Bank providing dollars to these companies for imports.
All the car manufacturing companies are currently working at forty to fifty percent capacity, the plants which were working in double shift are now working in single shift.
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