- Company decreases rates owing to steep rupee appreciation
Owing to the sharp recovery in rupee's value against the US dollar, Pak Suzuki Motor Company (PSMC) on Tuesday decreased the prices of its cars in the range of Rs75,000-199,000.
The new prices will be applicable from August 16, 2022. The firm slashed prices of its vehicles after Indus Motor Company made a similar move a day ago. Late on Monday, the Indus Motor Company decreased the prices of its cars by Rs260,000-1,140,000.
In a notification to its authorised dealers, Pak Suzuki announced the drop in prices and stated that “the rates are subject to change without any prior notice and prices at the time of delivery shall apply”.
“Any government taxes and levies applicable at the time of delivery shall be borne by the customers,” the notification read.
The company decreased the price of its Alto VX model by Rs90,000 to Rs1.699 million. The car was earlier available at Rs1.789 million.
Meanwhile, the company cut the price of Wagon-R VXR variant by Rs128,000 while the rate of Wagon-R AGS model fell Rs147,000.
Similarly, the company slashed the prices of three variants of Cultus in the range of Rs125,000-145,000.
Pakistan’s auto sector depends highly on the import of completely knocked down (CKDs) auto parts to assemble cars in Pakistan. Therefore, carmakers jack up prices whenever rupee falls against the US dollar.
In the past 11 sessions, from July 28 to August 16, rupee has recovered persistently against the US dollar in the inter-bank market, finishing at Rs213.9 from its all-time low of Rs239.94.
Meanwhile, Suzuki Ravi recorded the least cut in price, of Rs75,000 and it is now available at Rs1.424 million. The rates of Bolan models have been slashed by Rs79,000
The prices of higher end Swift variants were reduced by Rs169,000-199,000. Following the cut, the Swift GL MT model is priced at Rs3.18 million while Swift GLX CVT model is available at Rs3.76 million.