Bad condition of Pakistan’s auto market! Bikes like Wagon R of 26 lakhs and Splendor of 3.5 lakhs – Pakistan Financial Crisis Suzuki to Toyota Cars and Bikes Become Expensive After economic uncertainties

Bad condition of Pakistan's auto market! Bikes like Wagon R of 26 lakhs and Splendor of 3.5 lakhs - Pakistan Financial Crisis Suzuki to Toyota Cars and Bikes Become Expensive After economic uncertainties

There is an outcry in the car market of Pakistan which is facing financial crisis. Due to the crisis of electricity, water and bread, the prices of cars and bikes are also skyrocketing in Pakistan. Due to the falling Pakistani rupee, the condition of the country’s car market is that companies are increasing the price of vehicles twice in a month, as a result of which the vehicles are becoming expensive in Pakistan. People have to pay huge amount even for bikes like Splendor and Pulsar. Entry level cars also seem to be out of the budget of the people.

Due to the decreasing demand for vehicles, brands like Toyota and Suzuki have also had to stop production in their plants. Recently, Suzuki Pakistan and Toyota had announced to stop the production of vehicles. According to Pakistani media reports, Suzuki Pakistan had stopped production in the early week of January, the company said at that time that the management decided to shut down due to conditional permission to import auto parts and Completely Knocked Down (CKD) kits. Have done. Apart from this, the company also cited the supply chain being affected due to the ban by the State Bank of Pakistan (SBP).

Toyota cars became costlier for the second time in a month:

Indus Motor Company (IMC) is an assembler and seller of Toyota-branded vehicles in Pakistan. The company has increased the prices of its cars for the second time in January 2023 due to the sharp fall in the Pakistani rupee. The price of Toyota vehicles was increased by about Rs 11.5 lakh. The price of the Corolla 1.6 CVT has been increased from Rs 5.369 million to Rs 5.749 million, an increase of Rs 380,000. The Corolla 1.8 CVT is now priced at Rs 6.07 million after an increase of Rs 430,000.

A Toyota showroom in Karachi, Pakistan. Pic – Reuters

The highest hike has been seen in the prices of the Fortuner range, with the Fortuner Diesel Legend getting a price hike of Rs 1.16 million and will now be available at Rs 17.07 million (around Rs 1.7 crore). The IMC says that economic uncertainties and extreme volatility in the value of the Pakistani rupee against the dollar have adversely affected the cost of manufacturing for the company and that is the reason why the price of the vehicles has been hiked.

Suzuki bikes became expensive, bookings closed:

According to Dawn’s report, Pak Suzuki Motor Company Limited (PSMCL) has announced an increase in motorcycle prices by Rs 20,000-25,000 from February 1. Although the company has not given any reason for the increase in prices in its letter issued to the authorized dealers. PSMCL has stopped new bookings for the bike from January 20 for the time being due to the constraints in the import supply chain and uncertain production prospects in the current economic conditions.

Suzuki cars also became expensive:

According to Business Recorder, Pak Suzuki’s cheapest passenger car Alto VX has now cost Rs 18.59 lakh after an increase of Rs 160,000 since January 25. Meanwhile, the top-end variant of the Swift will sell for Rs 4.115 million after a price hike of Rs 3,55,000. Different variants of the Wagon R have seen a jump between Rs 2,08,000 to Rs 257,000. Now an amount of Rs 26.29 lakh will have to be paid for WagonR.

Honda CG 125

125cc bike for 1.35 lakh:

Honda Atlas sells both cars and bikes in Pakistan. The cost of the brand’s cheapest bike CD-70 is Rs 1.21 lakh and the price of 125 cc segment bike like Splendor CG 125 Self Start has been priced at Rs 2.19 lakh and CB125 has been priced at Rs 2.83 lakh. Although it was being claimed in some media reports that the company has recently increased the prices, but the prices given on the official website are according to the increase made in the month of October last year. The starting price of the CB 150F series coming in the 150 cc segment has reached Rs 3.53 lakh.

Note: The price of vehicles mentioned here is according to Pakistani rupees. At present (till the time of writing the news), the value of Pakistani rupee is much less than the Indian currency. 1 rupee of India is equal to 3 rupees 20 paise of Pakistan.