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New Price Hike Shocks waiting for Vehicle Customers

Double shock for automobile buyers

The cargo ship Felicity S sank in the Atlantic Ocean. The ship had 4,000 luxury vehicles worth Rs. 27 billion ($ 155 million) including Porsche, Bentley, and Lamborghini.

Due to restrictions on importing parts and accessories by the State Bank of Pakistan, auto assemblers have stopped giving advance bookings for vehicles and have continued to shock consumers with price hikes.

According to the techburaq, Pak Suzuki Motor Company Limited has temporarily stopped booking all two and four-wheelers from July 1. The company has also increased the prices of two-wheelers.

Market sources said the company still has 15,000 to 20,000 units of advance bookings left for delivery in the next few months.

Speaking to the newspaer, Shafiq Ahmed Sheikh, Head of Public Relations and Spokesperson, Pak Suzuki Motor Company Limited, said that the company had managed production till June 30, but a complete ban on CKD kits and subsequent import on spare parts production. Due to the uncertainty of the restrictions, this had to be done and the booking was temporarily suspended.

He said that any orders received by the company by June 30 would be invoiced.

From July 2, Pak Suzuki Motor Company Limited has increased the prices of its two wheels including GS150SE, GD110S, GS150SE and GR150 by Rs. 7,000 to Rs. 2 lakh 56 thousand and 3 lakh 49 thousand rupees. Meanwhile, Indus Motor Company had already stopped booking from May 18.

Market sources said that Indus Motor Company has been sitting with advance bookings of 25,000 units of various vehicles for six months.

However, Indus Motor Company had apologized to its customers for delay in delivery of vehicles already booked by the customers due to severe difficulties in operations due to the current instability. Factors such as the impediment to the approval of the LC of Pakistan and the devaluation of the rupee are hampering the production of vehicles.

Lucky Motor Corporation Limited has also announced that advance bookings for the Pecanto automatic transmission will close on May 20, 2022, while bookings for the Pecanto Manuel, Stonic will remain open, sources said, adding that the company has an advance of 4,000 units. There were booking orders.

A dealer of Honda Atlas Cars Limited said that so far the company has not issued any instructions to close the booking.

The Pakistan Automotive Manufacturers Association (PAMA) has informed the government that manufacturers and sellers of automotive parts are facing production problems due to the May 20 ban imposed by the SBP.

According to Pama, these restrictions are having a devastating effect on auto assemblers and auto parts makers, a situation that is turning into a serious crisis for the industry, with over-assemblers operating their units overtime due to high demand and Parts makers are also finding it difficult to manage normal production.

The entire supply chain, including local vendors, dealers and subsidiaries, has been affected by the policy change.

Pama said it could lead to a wave of unemployment as the closure of vendor plants would have a significant impact on daily wage and contract staff.

On Friday, Yamaha Motor Pakistan Limited has again increased the prices from July 1 to Rs 23,500 to Rs 26,500.

Yamaha’s YBR125, YB125ZDX, YBR125, YB125G and YBR125G were priced at Rs. 2 lakh 80 thousand 500, 2 lakh 92 thousand and 2 lakh 95 thousand. Atlas Honda Limited has announced a price increase of up to Rs 15,000 from July 1.

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