ISLAMABAD: The monitoring committee on automobile industry has expressed serious concerns over massive price hike of various local car brands during past five-six months and safety features.
A high-level meeting of monitoring committee for automobile industry which held here under the chairmanship of Federal Secretary for Industries and Production Jawad Malik directed the relevant quarters to carry out forensic analysis of car prices in comparison with factors indicated by the industry as a reason for price change through independent professional expertise.
The secretary instructed to complete the forensic analysis within two weeks, further urging the automotive industry to provide localisation plan with timeframe as well as safety features compliance report to the ministry.
The forum sought factors and justification for recent price hike in different models of cars across the board. The meeting was told that recent price hike is due to Dollar Rate (USD to PKR), increase in freight charges and raw materials including operational cost. The industry also provided details on causes of late delivery, CDK imports, and production capacity.
Meeting was attended by representatives from automakers, Pakistan Association of Automotive Parts and Accessories Manufacturer (PAAPAM), Engineering Development Board (EDB), Federal Board of Revenue (FBR), State Bank of Pakistan (SBP), Competition Commission of Pakistan (CCP), and Ministry of Science and Technology.
Recently, local car makers have increased the car prices. The drive was started by Kia Lucky Motors followed by Toyota Pakistan, Hyundai Nishat, and finally, Honda Atlas. The companies cited devaluation of Pakistani rupee, increase in freight rate, and expensive raw material prices the main reasons behind these hikes.
Kia motors increased the Kia Picanto Manual price from Rs2,186,000 to Rs2,400,000 reflecting an increase of Rs214,000 per unit. Kia Picanto Automatic price increased from Rs2,292,000 to Rs2,500,000 reflecting an increase of Rs208,000 per unit.
The company hiked the price of Kia Sportage Alpha by Rs236,000, taking the price to Rs5,000,000 against Rs4,764,000, Sportage FWD’s price hiked by Rs224,000 from Rs5,276,000 to Rs5,500,000, Kia Sportage AWD increased by Rs212,000 from Rs5,788,000 to Rs6,000,000, Kia Stonic EX price increased by Rs400,000 from 3,750,000 to Rs4,150,000 and Kia Stonic EX+ price witnessed an increase of Rs475,000 from Rs3,975,000 to Rs,4,450,000.
Toyota on March 25th issued a new notification announcing an increase in the prices up to Rs1,257,000 as it hiked the price of Yaris GLI MT 1.3 by Rs287,000 from 2,612,000 to Rs2,899,000, Yaris ATIV MT 1.3, price was increased by Rs314,000 from Rs2,745,000 to Rs3,059,000, Yaris GLI CVT 1.3 price was increased by Rs292,000 from Rs2,817,000 to Rs3,109,000, the price of the fourth variant of Yaris ATIV CVT 1.3 was increased by Rs310,000 from Rs2,919,000 to Rs3,229,000, fifth variant of Yaris ATIV X MT 1.5 price was hiked from Rs2,970,000 to Rs3,289,000 reflecting an increase of Rs319,000 and sixth variant of Yaris ATIV X CVT 1.5 price witnessed an increase of Rs324,000 from Rs3,175,000 to Rs3,499,000.
Toyota increased the price of the first variant of Corolla Altis X Manual 1.6 by Rs369,000 from Rs3,380,000 to Rs3,749,000, Corolla Altis X Automatic 1.6, price was increased by Rs395,000 from Rs3,534,000 to Rs3,929,000, Corolla Altis X Automatic 1.6 Special Edition (SE) price was increased from Rs3,892,000 to Rs4,309,000 reflecting an increase of Rs417,000, Corolla Altis X CVT-i 1.8 rate was hiked by Rs427,000 from Rs3,872,000 to Rs4,299,000, Corolla Altis Grande X CVT-i 1.8 (Beige Interior), price witnessed a jump of Rs470,000 from Rs4,179,000 to Rs4,649,000 and Corolla Altis Grande X CVT-i 1.8 (Black Interior) price was increased by Rs490,000 from Rs4,199,000 to Rs4,689,000.
The price of the first variant of Toyota Fortuner 2.7 G saw an increase of Rs930,000 from Rs8,569,000 to Rs9,499,000, Fortuner 2.7 V price was increased by Rs1,008,000 from Rs9,941,000 to Rs10,949,000, Fortuner 2.8 Sigma 4, price witnessed an increase of Rs1,097,000, from Rs10,392,000 to Rs 11,489,000 and Fortuner Legender price was increased by 1,257,000 from Rs 10,842,000 to Rs12,099,000.
Toyota Hilux E price was increased by Rs664,000 from Rs6,395,000 to Rs7,059,000, Hilux Revo G Manual 2.8 price increased by Rs712,000 from Rs6,947,000 to Rs7,659,000, Hilux Revo G Automatic 2.8 price was increased by Rs723,000 from Rs7,306,000 to Rs8,029,000, Hilux Revo V Automatic 2.8 price was hiked by 807,000 from Rs8,032,000 to Rs8,839,000 and Hilux Revo Rocco price was increased by Rs847,000 from Rs8,472,000 to Rs9,319,000.
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