New year, lower rates send car sales soaring

Passenger car sales surged 51.5% to 58,266 units during the first seven months (Jul-Jan) of the current fiscal year compared to the same period of last year due to multiple reasons such as rising remittances, a spending spree at the beginning of new year and continuous decrease in interest rates. According to data released by Pakistan Automotive Manufacturers Association (PAMA) on Tuesday, sales of trucks and buses ballooned 112.4% to 2,054 units and rose 54% to 365 units, respectively. Sales of jeeps and pickups went up 67.5% to 19,301 units. Simultaneously, sales of two and three-wheelers (motorcycles and rickshaws) swelled 29.3% to 835,616 units. When it comes to sales of farm tractors, their demand slid 26.5% to 20,158 units as both small growers and landlords were unable to purchase new tractors because of lower crop yields caused by climate change.