- Newly-launched Swift variant, the GLX-CVT, sees hike of Rs270,000
Companies are citing a weakening rupee and rising freight charges as the reasons for the price-increase. Interestingly, Pak Suzuki has also jacked up rates on its Swift model, which it launched in February.
“The automobile assemblers across the board have increased prices by an average 9.4% in Mar-22 to pass on the cost pressures emanating from the continuous PKR devaluation against USD, rising freight charges and an uptick in commodity prices,” Muqeet Naeem, an analyst at Ismail Iqbal Securities, said in a note.
Pak Suzuki's new prices came into effect on April 1, 2022.
Following are the new ex-factory prices of its vehicles:
Alto VX has seen a price hike of Rs119,000. The new price is Rs1,425,000 against the old one at Rs1,306,000.
The price of Alto VXR has increased by Rs129,000. The car now costs Rs1,675,000, compared to the old price of Rs1,546,000.
With a Rs139,000-hike, the price of Alto VXL/AGS has surged from Rs1,747,000 to Rs1,886,000.
The Cultus VXL/AGS saw a jump of Rs240,000, taking its price tag from Rs2,422,000 to Rs2,662,000.
Cultus VXR price has gone from Rs2,030,000 to Rs2,250,000, thanks to a hike of Rs220,000.
Similarly, the new price of Cultus VXL is Rs2,474,000, against the old rate of Rs2,244,000, up by Rs230,000.
Suzuki Wagon R
Wagon R AGS has seen a surge of Rs161,000, taking its price from Rs2,158,000 to Rs2,319,000.
The price of Wagon R VXR has gone up by Rs142,000. It now costs Rs2,019,000, compared to the old rate of Rs1,877,000.
Wagon R VXL has seen an increase of Rs154,000. The new price is Rs2,129,000 against the old rate of Rs1,975,000.
Bolan Van, which saw an increase of Rs105,000, now sells at Rs1,283,000 from the old rate of Rs1,178,000. The price of Bolan AC has gone up by Rs105,000 to Rs1,370,000.
Meanwhile, the price of Bolan Cargo now stands Rs1,270,000 after a hike of Rs105,000.
Suzuki GL Manual has seen a price surge of Rs195,000. It now costs Rs2,694,000, up from the launch price of Rs2,499,000.
The Swift GL CVT variant is priced at Rs2,908,000 against the old rate of Rs2,699,000, whereas, Swift GLX-CVT saw a jump in its rate by Rs270,000, taking its price tag to Rs3,169,000.
The new price of Suzuki APV and Suzuki Jimny are Rs6,290,000 and Rs6,049,000. Likewise, Suzuki Ravi and Ravi w/o Deck now costs Rs1,216,000, and Rs1,141,000, respectively.
It is pertinent to mention that this is the third time prices have increased post the annual budget announcement last year. The first round of price hike came in November, which was on account of rising cost pressures, while the second one came in January 2022 when the government reversed tax benefits given in the FY22 budget.
“Looking at the currency devaluation, further price hike cannot be ruled out,” said the analyst. “Continuous price hikes coupled with higher interest rates and limitations on auto financing would likely hurt auto demand in next fiscal year.”
The overall market is also expected to contract 10-15% in the coming fiscal year, according to Indus Motor Company (IMC) CEO Ali Asghar Jamali.