Pakistan News

Third increase in Honda car prices

Third increase in Honda car prices

KARACHI: Honda Atlas Cars Pakistan (HACP) on Monday increased prices by Rs30,000-100,000 on various models. This is the third hike by the company this year.

The company first raised prices in January by Rs50,000-60,000 while second price jump was made in March by Rs20,000-100,000.

HACP in a letter to its authorised dealers has attributed price hike to negative exchange rate impact and increase of one per cent additional import duty.

The company said the new retail prices will be applicable on all full-payment orders except those having delivery due month till July 31 and their balance payment is received latest by June 30.

The new price will be applicable on cars in consignment stock if invoiced after June 30.

All those orders booked before Dec 31, 2017 and their balance payment is received till June 30 will be entertained on previous price.

Pak Suzuki Motor Company Ltd (PSMCL) had made third price hike by Rs20,000-30,000 in June. It raised prices of various models by Rs20,000-50,000 in March and by Rs10,000-20,000 in January.

Indus Motor Company (IMC) had also pushed up price three times in the last six months.

Prices of locally assembled cars had been under pressure since rupee had lost its strength against the dollar by 13 per cent from January till to date.

Assemblers, who claim to have achieved higher localisation in cars up to 70pc, have been blaming the rupee’s losing value against the dollar thus pushing cost of imported parts and accessories. Besides, local vendors are also dependent on procuring imported raw material which also became costlier on falling rupee value against the greenback.

According to Pakistan Bureau of Statistics (PBS), import of semi- and completely-knocked down kits rose by 21pc in July-May 2017-18 to $731m from $605m in same period last fiscal year.

Published in Dawn, July 3rd, 2018

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