Auto Sales Surge in October, Marking Highest Growth Since December 2022.

Karachi: Auto sales are expected to witness a substantial rebound in October 2024, with major automobile companies projected to see their total units reach approximately 11,300. This represents a significant year-on-year increase of 103% and a month-on-month rise of 20%, marking the highest growth since December 2022.

According to JS Global, these strong figures are anticipated to elevate the cumulative volumes for the first four months of the fiscal year 2025 to 36,600 units, showing a 51% year-on-year increase. The recovery in auto sales is attributed to a stable exchange rate and an easing monetary policy, which has reversed a 26-month decline in auto financing. Improved macro-economic conditions are also expected to alleviate supply chain disruptions in the future.

Furthermore, the electric vehicle (EV) policy is set to be finalized by the end of the month. The policy aims to promote EV adoption by supporting domestic production, reducing carbon emissions, and developing EV charging infrastructure throughout the country.

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