- Company cites 'further increase in FOREX' as reason for passing on impact to the market
Like its competitor Indus Motor Company, Honda Atlas also announced an increase in prices for the second time in five weeks, raising them by as much as Rs170,000, while citing rupee depreciation as the reason for passing on impact to the market.
In a letter to its dealers, dated April 30, 2022 and available with Business Recorder, the company said keeping in view further increase in FOREX, it is "compelled to pass on the part of this impact to the market". The new retail sales prices (RSP) will come into effect from May 1, 2022. The company has said "complete back order as on April 30, 2022" will be charged the previous RSP.
Prices were increased in the range of Rs135,000 to Rs170,000 with the BR-V CVT variant seeing the biggest hike. Its price went from Rs4,079,000 to Rs4,249,000.
Price of the City base variant - the MT 1.2L - went up from Rs3,129,000 to Rs3,264,000, a hike of Rs135,000.
Similarly, the CVT 1.2L and CVT 1.5L variants became costlier by Rs140,000 and Rs143,000, respectively. Both Aspire models saw a hike of Rs150,000.
In the case of Civic, which the company launched earlier this year in February, delivery-time being conveyed to consumers was for February next year, reported Business Recorder earlier.
This time-period has not improved yet, with the two high-end variants currently slated for delivery in April 2023, confirmed dealers to Business Recorder on Sunday.
Meanwhile, prices of the Civic saw a uniform hike of Rs150,000 across all three variants -- the Civic 1.5L CVT (tentative delivery time being given is August 2022), Civic 1.5L Oriel M CVT (tentative delivery time being given is April 2023), and Civic RS 1.5L CVT (tentative delivery time being given is April 2023).
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Over a month later, the rupee has weakened to nearly 186, having even crossed 188 before appreciating to 181.55. However, in the past two weeks, the rupee has depreciated 2.2%.
Car prices have been increasing in Pakistan for a number of years, tracking rupee's downward slide against the US dollar.