Pakistan’s car sales reached 13,108 units in October, marking a remarkable 112% increase compared to the same month last year, official data showed on Monday.

This significant growth is mainly driven by lower auto financing rates — resulting from a decline in interest rates — the introduction of new models, and stable prices.

Car financing rose slightly to PKR 227.5 billion in September, up 0.11% from August, breaking a 26-month negative growth trend.

For the first four months of the current fiscal year, overall car sales hit 40,693 units, a 50% increase from 27,162 units in the same period last year.

Indus Motors (INDU) reported sales of 2,526 units in October, up 142% from 1,047 units in the same month last year. This growth is mainly due to a promotional price offer on the Corolla Cross.

Honda Atlas Cars (HCAR) saw sales reach 1,514 units, up 230% from 459 units in the same period last year, driven by higher sales of the City and Civic models.

Pak Suzuki (PSMC) recorded sales of 7,302 units, a 92% increase from 3,810 units last year, largely attributed to higher Alto sales, which were up 49% on a sequential basis. Additionally, the newly launched Every model clocked in sales of 262 units as a replacement for the Bolan.

Sales for two and three-wheelers in October reached 137,693 units, the highest in 28 months, representing a 35% year-over-year increase. Tractors saw a 61% recovery from September, with 1,733 units sold in October 2024.

An analyst at Sherman Securities said the surge in vehicle sales indicates a positive trend in Pakistan’s automotive market, driven by favorable financing conditions and the introduction of attractive new models.