The decline in the automotive industry can be attributed to various factors such as increasing input costs, inflation, reduced demand due to a struggling economy, currency depreciation, and high taxes imposed on vehicle purchases.
In contrast, Indian car manufacturers achieved remarkable success, selling over 3.6 lakh units in November alone, which amounts to more than 500 cars sold per hour across the country, as per data released by FADA.
This stark contrast between the automotive markets of Pakistan and India raises concerns about the future of the Pakistani automotive sector. Can it overcome its current challenges and regain momentum? Only time will tell. However, it is evident that the automotive industry in South Asia is evolving rapidly, and Pakistan is facing difficulties in keeping up.
Furthermore, several manufacturers have recently decided to cease operations in Pakistan, while global giants like Tesla, BYD, and GWM have shown interest in entering India’s rapidly growing automotive market.
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