Pakistan's automotive industry has registered significant growth, with commercial vehicle sales surging up to 82% following SIFC's support. Passenger car sales increased by 46.7%, while the commercial vehicles sector demonstrated robust performance.
The industry witnessed a 60% rise in jeep and pickup sales, accompanied by a 23.4% increase in motorcycle and rickshaw purchases. The introduction of environment-friendly electric vehicles has garnered substantial market response.
Improved auto financing options and renewed market confidence have contributed to the sales uptick. The State Bank of Pakistan's gradual reduction in interest rates has played a pivotal role in the sector's development.
Islamic financing solutions have helped restore consumer and investor confidence. Industry analysts expect further growth in auto sales with SIFC's facilitation promising additional interest rate reductions and new model launches.
