Car sales shrink to half in July-October.

KARACHI -- Amid a month-on-month improvement in October, the overall car sales registered a drop of 47 per cent to 39,700 units in 4MFY23 from 74,952 units due to rising prices, curbs on auto financing and parts imports and high-interest rates.

However, October car sales rose to 11,129 units from 9,213 units in September but it is far lower than 17,413 units sold in October 2021.

The recovery in car sales, as well as production in October, suggests that things are slightly improving as assemblers have been able to hand over vehicles after the release of auto parts from the port following the State Bank's decision to enhance the quota for imports.

Sales of Honda Civic/City stood lower at 6,416 units in 4MFY23 as against 10,444 units in the same period last fiscal year while Toyota Corolla and Yaris sales fell substantially to 8,253 units from 19,214 units. Suzuki Cultus and WagonR sales came down to 2,952 and 2,181 units from 11,454 and...