KARACHI: Sales of passenger cars plunged by 36 per cent in September, the sixth consecutive month of decline as the escalating interest rate and import tariff hit the slumping industry, according to data by manufacturers association.
Sales fell to 10,923 vehicles in September 2019 from 16,957 units sold during the same period last year, data by Pakistan Automotive Manufacturers Association (PAMA) showed.
Passenger car sales in the July-September quarter of fiscal year 2019/20 declined 39 per cent to 31,017 units, compared to 51,221 units sold during the corresponding period of the last fiscal year.
The recent data comes as the local automobile industry faces a crippling slowdown in demand amid a broader economic slowdown that has led to production cuts and hundreds of job losses. Production slashed 52 per cent in September.