ISLAMABAD – Pakistan’s auto industry witnessed a massive decline in sales in a current financial year amid import restrictions, depreciation of the local currency and back-breaking inflation.
Leading players in markets including Suzuki, Honda, and Toyota suffered massive blows, as some suspended operations, while others are struggling to sell units as prices skyrocketed as rupee suffered huge blows.
Pak Suzuki Motor Company and Toyota Indus Motor Company (IMC) were facing hard times in previous months however the bigwigs recovered and managed to sell over 1,000 units last month.
Honda however only sold 575 units in March 2023 amid a huge drop in supply chain and production conundrum; the company failed to sell a single unit of its front-runner Honda Civic.
The auto giant failed to sell any units as the price of Civic top of the line variant hits the Rs1-crore mark. The Civic RS 1.5L variant is now available at Rs10.199 million.
As the government imposed stern measures amid the dollar shortage, Honda and other companies are facing production issues which forced the company to shut down operation for weeks. The last production shutdown remained in effect till mid-April.
Honda shuts down plant for three weeks as supply of parts dries out
