Toyota Assembler Indus Motor Company Sales Fall 10% in October Across All Lineups

Indus Motor Company (INDU), Toyota’s local assembler, reported a 10% year-on-year decline in sales in October 2026. Volumes fell across both passenger cars and SUVs/light commercial vehicles (LCVs).

The company sold 4,073 units during the month, compared with 4,529 units a year earlier. Sales also declined 2% compared with September.

Corolla, Yaris and Cross Sales Decline 7%

Corolla, Yaris and Cross models recorded combined sales of 3,496 units in October. This represented a 7% decline from 3,742 units in the same month last year.

Meanwhile, Fortuner and Hilux sales fell 27% year-on-year to 577 units. They had recorded 787 units in October 2025.

Both vehicle categories also posted lower sales compared with the previous month.

Four-Month Sales Rise 20% in FY27

Despite October’s decline, Indus Motor maintained growth during the first four months of FY27.

The company sold 17,333 vehicles during the period, up 20% from a year earlier.

Export Pullback Drags Gul Ahmed Revenue Down 17%

Corolla, Yaris and Cross sales increased 27% to 14,421 units. However, Fortuner and Hilux volumes declined 5% to 2,912 units.

Auto Industry Grows 24% in October

Indus Motor’s decline came as Pakistan’s broader automobile industry recorded 24% year-on-year growth in October.

Passenger cars, SUVs and LCVs collectively rose 41% to 24,418 units. Passenger car sales increased 61%, offsetting a 27% decline in the SUV and LCV segment.

Meanwhile, two- and three-wheeler sales grew 22% to nearly 200,000 units. Tractor sales also surged 44% to 4,154 units.

The Punjab Green Tractor Scheme supported tractor demand during the month.

Other Automakers Report Mixed Sales

Other vehicle manufacturers recorded mixed results in October.

Honda Atlas Cars (HCAR) reported a 19% year-on-year decline. In contrast, Atlas Honda (ATLH) sales rose 25% to a record 173,200 units.

Sazgar Engineering Works (SAZEW) had yet to announce its monthly sales figures.

Auto Sector Outlook Depends on Policy Clarity

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

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

Meanwhile, the latest draft of the auto policy received approval from the Prime Minister on November 7. However, it is still awaiting formal approval from the federal Cabinet.