Indus Motor Sales: Toyota Assembler Records 10% Decline in October

KARACHI: Indus Motor Company (INDU), the assembler of Toyota vehicles in Pakistan, recorded a 10% year-on-year decline in sales in October 2026, with volumes falling across both its passenger car and SUV/light commercial vehicle (LCV) lineups.

The company sold 4,073 units during the month, compared with 4,529 units in October last year, while sales also declined 2% compared with September.

Sales of the Corolla, Yaris and Cross models fell 7% year-on-year to 3,496 units from 3,742 units. Meanwhile, Fortuner and Hilux sales dropped 27% to 577 units from 787 units a year earlier. Both categories also recorded month-on-month declines.

Despite the weaker monthly performance, INDU’s cumulative sales during the first four months of FY27 increased 20% year-on-year to 17,333 units.

Corolla, Yaris and Cross volumes rose 27% during the four-month period to 14,421 units, while Fortuner and Hilux sales declined 5% to 2,912 units.

The decline at Indus Motor came as the broader automobile industry recorded 24% year-on-year growth in October. Passenger cars, SUVs and LCVs collectively posted a 41% increase in sales to 24,418 units, supported by a 61% jump in passenger car volumes, which offset a 27% decline in the SUV/LCV segment.

Two- and three-wheeler sales increased 22% to nearly 200,000 units, while tractor sales surged 44% to 4,154 units, supported by the Punjab Green Tractor Scheme.

Other automobile assemblers reported mixed performances. Honda Atlas Cars (HCAR) recorded a 19% year-on-year decline, while Atlas Honda (ATLH) posted a 25% increase to a record 173,200 units. Sazgar Engineering Works (SAZEW) sales figures for October were still awaited.

Analysts expect industry momentum to continue into the second quarter of FY27, although the SUV/LCV segment may remain under pressure until policy uncertainty eases.

A fuel subsidy of Rs100 per litre for two-wheelers and cars with engine capacities below 800cc continued to support demand in these categories.

Meanwhile, the latest draft of the automobile policy, approved by the prime minister on November 7, is still awaiting formal approval from the federal cabinet.