In times of economic crisis, Pakistan’s auto assemblers making a fortune

KARACHI: At a time when the entire business community and traders are observing business contraction, declining revenues and downsizing, thanks to the policies of Finance Minister Asad Umar, the local automobile assemblers are dancing with joy, again thanks to the policies of Asad Umar.

First, the import of automobiles was reduced to almost zero after linking these imports with payment of duty and tax in foreign exchange, which inflicted a hit on FBR’s revenues; and then the restriction on non-filers was removed enabling them to buy all sort of cars.

And now, the cartel of local automobile assemblers have notified exorbitant increase in prices citing currency devaluation, once again thanks to Asad Umar.

Masses are justified in asking that whose interests Finance Ministry is serving.

President Karachi Chamber of Commerce and Industry (KCCI) Junaid Ismail Makda said policy decisions were being taken without taking the input of stakeholders.

Makda claimed that certain elements were informed in advance about the interest rate hike and currency devaluation so that they could book big gains, while masses were suffering.

There have been at least five price hike rounds in the last six months, wherein local assemblers have increased prices of various models in the range of Rs100,000 to Rs500,000.

Pak Suzuki raised prices of its various brands in range of Rs10,000 to Rs100,000.
According to a notification, the price of Suzuki Mehran VX is raised by Rs10,000 to Rs7,99,000.
Price of Suzuki Mehran VXR is raised by Rs20,000 to Rs8,40,000.
Price of Suzuki WagonR VXR is raised by Rs40,000 to Rs1.264 million.
Price of Suzuki WagonR VXL is raised by Rs30,000 to Rs1.344 million.
Price of Suzuki Cultus VXR is raised by Rs30,000 to Rs1.44 million.
Price of Suzuki WagonR VXL is raised by Rs20,000 to Rs1.551 million.
Price of Suzuki Bolan is raised by Rs20,000 to Rs8,74,000.
Price of Suzuki Cargo Van is raised by Rs20,000 to Rs8,40,000.
Price of Suzuki Ravi is raised by Rs20,000 to Rs7,96,000.
Price of Suzuki APV is raised by Rs100,000 to Rs3.14 million.
Price of Suzuki Ciaz Automatic is raised by Rs100,000 to Rs2.3 million.
Price of Suzuki Ciaz Manual is raised by Rs100,000 to Rs2.16 million while sale price of Suzuki Jimny is increased by Rs100,000 to Rs2.493 million.

Honda Cars has also increased prices of its various brands.

Price of Honda City 1300cc Manual is raised by Rs65,000 to Rs1.919 million; Honda City 1300cc Automatic up by Rs65,000 to Rs2.059 million; Honda City 1500cc Manual up by Rs65,000 to Rs1.979 million; Honda City 1500cc Automatic up by Rs65,000 to Rs2.119 million; Honda City 1500cc Aspire Manual up by Rs70,000 to Rs2.134 million; Honda City 1500cc Aspire Automatic up by Rs70,000 to Rs2.274 million; Honda BRV CVT up by Rs50,000 to Rs2.434 million; Honda BRV SCVT up by Rs85,000 to Rs2.569 million.[the_ad id=”31605″]

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