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Pakistan’s auto industry is stuck in low gear, car sales are sluggish, access to auto financing remains difficult, the entire sector is still reeling from a weakened economy and then comes government which is urging a shift in strategy.  They’re pushing local manufacturers to prioritize domestic production and exports, hoping to leverage the industry’s potential as a driver of national economic improvement.

The Details

Prime Minister Shehbaz Sharif met with auto industry leaders today, urging them to play a bigger role in driving Pakistan’s economic growth.

The meeting focused on increasing local car manufacturing and exports. A delegation from the auto and auto parts sectors, including Toyota Pakistan CEO Ali Jamali and auto parts industry representative Aamir Allahwala, discussed their concerns and future plans with the Prime Minister.

Sharif emphasized the importance of domestic production, calling for the industry to shift towards manufacturing vehicles within Pakistan. He also highlighted the need for significant auto exports to generate foreign income and contribute to national development.

The Prime Minister stressed the implementation of the Auto Sector Deletion Policy, a strategy to integrate Pakistan’s auto parts industry into the global supply chain. He reaffirmed the government’s commitment to supporting domestic exports through various initiatives.

Car Production

As per PAMA (Pakistan Automotive Manufacturers Association) report, local production of passenger car is decreased by 32% in FY24, producing 62,475 units compared to 91,560 vehicles in the corresponding period of last fiscal year.

The two-wheeler industry in FY24 faced challenges similar to those in the car industry, experiencing a 7% decline in production. Output fell to 921,952 units from 987,580 the previous fiscal year. In contrast, three-wheeler production saw a significant increase, rising by 25% to 19,735 units in FY24, up from 15,820 units last year.

In the commercial sector, trucks and buses experienced substantial declines, with production dropping by 39% and 50%, respectively, to 1,694 and 323 units.

What do you think about PM’s recent initiative for country’s economic growth? Tell us in the comments section.