Passenger car sales surged 62 percent in the first five months (July-November) of the fiscal year 2021-22 to 90,303 units from 55,779 units during the same period last year.
According to the data released from Pakistan Automotive Manufacturers Association (PAMA) on Monday, passenger car sales dropped 12 percent on a month-on-month basis, with 15,351 new vehicles sold in November 2021. According to PAMA, 2,062 less cars were sold in November as compared to October 2021, while the sales witnessed 29 percent increase on a year-on-year basis as compared to November 2020.
The growth has been seen moderating on rising borrowing cost and tight credit conditions for the last two months, as earlier in October, car sales declined 8.2 percent month-on-month to 17,413 units from 18,971 units in September 2021.