AIRLINK 78.39 Increased By ▲ 5.39 (7.38%)
BOP 5.34 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.33 Increased By ▲ 0.02 (0.46%)
DFML 30.87 Increased By ▲ 2.32 (8.13%)
DGKC 78.51 Increased By ▲ 4.22 (5.68%)
FCCL 20.58 Increased By ▲ 0.23 (1.13%)
FFBL 32.30 Increased By ▲ 1.40 (4.53%)
FFL 10.22 Increased By ▲ 0.16 (1.59%)
GGL 10.29 Decreased By ▼ -0.10 (-0.96%)
HBL 118.50 Increased By ▲ 2.53 (2.18%)
HUBC 135.10 Increased By ▲ 2.90 (2.19%)
HUMNL 6.87 Increased By ▲ 0.19 (2.84%)
KEL 4.17 Increased By ▲ 0.14 (3.47%)
KOSM 4.73 Increased By ▲ 0.13 (2.83%)
MLCF 38.67 Increased By ▲ 0.13 (0.34%)
OGDC 134.85 Increased By ▲ 1.00 (0.75%)
PAEL 23.40 Decreased By ▼ -0.43 (-1.8%)
PIAA 26.64 Decreased By ▼ -0.49 (-1.81%)
PIBTL 7.02 Increased By ▲ 0.26 (3.85%)
PPL 113.45 Increased By ▲ 0.65 (0.58%)
PRL 27.73 Decreased By ▼ -0.43 (-1.53%)
PTC 14.60 Decreased By ▼ -0.29 (-1.95%)
SEARL 56.50 Increased By ▲ 0.08 (0.14%)
SNGP 66.30 Increased By ▲ 0.50 (0.76%)
SSGC 10.94 Decreased By ▼ -0.07 (-0.64%)
TELE 9.15 Increased By ▲ 0.13 (1.44%)
TPLP 11.67 Decreased By ▼ -0.23 (-1.93%)
TRG 71.43 Increased By ▲ 2.33 (3.37%)
UNITY 24.51 Increased By ▲ 0.80 (3.37%)
WTL 1.33 No Change ▼ 0.00 (0%)
BR100 7,493 Increased By 58.6 (0.79%)
BR30 24,558 Increased By 338.4 (1.4%)
KSE100 72,052 Increased By 692.5 (0.97%)
KSE30 23,808 Increased By 241 (1.02%)

ISLAMABAD: Indus Motor Company (IMC) Chief Executive Ali Asghar Jamali has said issues such as high taxation, inflation, used car imports and currency instability have resulted in higher prices for locally-produced cars.

“There is need for a planned import policy to support the growth of the local auto industry because heavy import of used cars is impacting the industry,” said Jamali while talking to a group of journalists.

He said over 6,500 used cars were imported in the financial year 2022-23 alone while more than 7,500 units have already been imported in the first three months of the current fiscal year. “This issue of used car imports not only nullifies the localization achieved by the local auto industry but also hampers the potential for further localization in Pakistan,” reasoned Jamali.

Indus Motor Company announces month-long plant shutdown

However, he appreciated recent relaxations in the opening of Letters of Credit (LCs) for imports that helped local industry in procuring raw materials.

“The Original Equipment Manufacturers (OEMs) witnessed improvement in sales of passenger cars and light commercial vehicles in September 2023 due to these relaxations, although there was still a 26% decline in sales on a year-on-year basis,” said Jamali.

In light of the current challenges and the need for a sustainable future, Jamali on the occasion announced that the upcoming launch of Pakistan’s first locally made Hybrid C SUV.

“Pakistan, despite being one of the lowest contributors to climate change, is still facing severe impacts. Our locally made Hybrid Electric Vehicles (HEVs) will be a conscious effort to further reduce emissions and achieve the UN’s Sustainable Development goals.

“HEVs are not only a more sustainable solution for our country’s environmental problems, but they will also have positive economic implications, boosting employment and export opportunities,” said Jamali.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Asif Nov 09, 2023 10:12am
“Import of used cars increase cost of locally made cars’ .. I have never heard a more absurd argument .
thumb_up Recommended (0)
Ch K A Nye Nov 09, 2023 11:18am
Still waiting for Mary's dad to come back? Best to have more LV bags.
thumb_up Recommended (0)
Ch K A Nye Nov 09, 2023 11:21am
@Asif , years of protection bought by the assemblers and they can only come up with absurd excuses.
thumb_up Recommended (0)
Nabeel Nov 09, 2023 04:21pm
You shameless creatures. What have you done in the last 30 years? Only exploited the auto policy to assemble decades old featureless models. Even to this date the outdated Corolla is mostly assembled. Clowns caused more damage to FX reserves than imported cars.
thumb_up Recommended (0)
Maqbool Nov 09, 2023 05:29pm
Uncontrolled price increases , yet no localization of parts as per contract ,ridiculous terms. It’s better and cheaper for Pakistan to allow cheap imports from India and close them down. Or they give competitive prices , not just under the custom duty on imported cars .
thumb_up Recommended (0)
Yousaf Hyat Nov 09, 2023 06:50pm
Compare Mr Jamali the CEO s pay to the assembly line workers… huge unfair disparity..
thumb_up Recommended (0)
Yousaf Hyat Nov 09, 2023 06:52pm
@Ch K A Nye , are you talking in some code ? This answer was moderated by a sleepy moderator
thumb_up Recommended (0)
Hasan Abdullah Khan Nov 09, 2023 07:33pm
That is the stupidest argument I have ever heard. If they can't compete with used old cars, this CE should resign and shut down IMC. They are all rent seekers depending on govt protections. If we closed all these car assemblers today and allowed unrestricted car imports, Pakistan would not loose a thing.
thumb_up Recommended (0)
Cool boy Nov 09, 2023 07:43pm
Assemblers want to keep their Monopoly.... They want to be only allowed to sale... Assemblers import everything and even use imported gas. They should be banned
thumb_up Recommended (0)
Abbas Rizwan Nov 10, 2023 02:45am
Oh come on. Get some common sence. Are you exporter of vehicles? Rubbish....why do you still need to import raw material? Why cant you make it yourself? There are many factories and a great group of monds to make it here in pakistan. You people are just assembling ckd units adding on 3rd class localized stuff like, you know and everyone knows the crap you install. Its just that YOU PEOPLE MAKE CARS FOR MONEY AND OTHERS MAKE IT FOR PEOPLE. You are still giving manual window livers in basic corolla/yaris car which is beyound 4 million. If you add ABS and power windows, you call it a major additive and give a name of GLi Numerous of features in 660 japanese are basics for them. Additional features like lane assist, 360 cam, etc are what you cant imagine to provide to your people, not forgetting build quality and wood-like seats. Give all the features with lowest price, then blame imported cars. And dont forget, those are used cars and you produce new cars.
thumb_up Recommended (0)
Ibrar khan Nov 12, 2023 09:55pm
All are fake
thumb_up Recommended (0)