According to Auto Sector Analysts, following the recent tariff and tax breaks in the Pakistani auto industry, the sector is expected to grow significantly in 2022.
Amid looming economic troubles, experts expect growth next year, as car sales jumped nearly 90% in the first 11 months of the calendar year in 2021.
In the first 11 months, auto companies registered with the Pakistan Automobile Manufacturers Association sold 210,048 units, up from 110,540 units in the same period last year.
“Economic activity recovered in 2021, leading to an increase in demand for cars,While low Interest Rates helped Auto Companies in the country, and car financing rose to Rs 346 billion in October. 2021, 44% growth year on year. But the high percentage growth in car sales in 2021 was driven by a low base effect.
In an effort to stimulate the auto industry and provide affordable cars to the public, the government cut taxes, cut the Fed on cars, and cut sales taxes on cars under 1,000 cc. See by lowering car prices and increasing sales. New cars to be released in 2021-2022 includes Honda City, Changan Alswin, Proton Saga, X70, Hyundai Elantra, Sonata, Kia Sorenta and Stonic.
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