Honda jacks up car prices in Pakistan

• The prices of various models have been increased from Rs 20,000 to 100,000.
• Honda BR-V MT witnessed the highest hike in rates, as the automobile will now cost Rs 100,000 more.

Despite dismal demand, the auto industry continues to jack up prices of cars, as Honda is the latest manufacturer to increase its rates.

As per details, Honda Atlas Cars Limited (HACL) rose prices of various models to the tune of Rs 20,000-100,000.

Honda BR-V MT witnessed the highest hike in rates, as the automobile will now cost Rs 100,000 more, with the latest price tag of Rs 2.999mn, as compared to previous rate of Rs 2.899mn.

As per the latest rates, Honda City 1.3 MT that was earlier available for Rs 2.309 million will now cost will cost Rs 2.329mn, showing an increase of Rs 20,000. Whereas, the AT model also got Rs 20,000 expensive and will be available for Rs2.509mn.

The rates of Honda City 1.5L MT, AT, have also increase by Rs 20,000 and will be available at Rs 2.389mn, Rs 2.55mn, respectively. The Aspire MT and Aspire AT rates are also hiked by Rs 20,000 and will now be up for purchase for Rs 2.539mn and Rs 2.719mn, respectively.

Civic Turbo, saw its price rise by Rs 80,000 and is now available for Rs 4.479m, as compared to previous rate of Rs 4.399mn. Whereas, the rates of 1.8LVTI, I.8L VTI CVT increased by Rs 30,000 and Rs 50,000, and will cost Rs 3.779m and Rs 3.549m, respectively.

Furthermore, the CVT and VS CVT models will be available at Rs3.149m and Rs3.299m, up by Rs50,000 each.

Back in November, the sales of overall passenger cars dropped by a massive 44 percent. According to figures of Pakistan Automotive Manufacturers Association (PAMA), only 40,586 units of passenger cars were sold in July-October 2019 as compared to 72,563 units in the same period last year.

Sales of Honda hit the hardest after its Civic and City models only sold 4,961 units in July-October 2019, as compared to 16,643 units sold in same period last year, showing a fall of 70pc.

Lower sales volumes due to the economic slowdown, rising costs of raw material and parts due to increase in duties and taxes on auto sector in the Finance Act 2019-20 and steep rupee devaluation have pushed automobile industry into a crisis.

The latest rates will be effective from January 16.