Pak Suzuki hikes car prices up to Rs 661,000
Following in the footsteps of other automakers, Pak Suzuki, the company with the largest market share in the country, pushed up car prices starting August 1, it was reported on Monday.
The company raised the price of its top model Swift GLX CVT by Rs 661,000 which was the biggest jump among all the models. The price of the 1200cc sedan is now Rs 3.959 million.
Meanwhile, the price of the base VX variant of Alto sees an increase of Rs314,000. The car is now marked at Rs1.789 million.
“Suzuki customers are very price sensitive,” said Ahmed Lakhani, an auto industry expert. “The company appears to have passed through the minimal impact of the Rupee depreciation since the last car price increase. The Rupee has depreciated much more, while the company has raised prices by an average of 20%.
Lakhani said the auto industry not only faces rising prices for imported auto parts, but also higher energy and transportation costs as the rupee loses its value.
However, Lakhani said he did not see demand falling too much even if automakers raised prices, adding that even restrictions imposed by the State Bank of Pakistan on car financing could not slow car sales. .
“If Toyota sold 60,000 to 65,000 cars a year, its sales could drop to 55,000 cars. It won’t be more than that.
“However, supply may remain stifled due to LC opening restrictions,” he said. “As a result, car sales may decline due to supply issues.”
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