Honda Atlas Cars on Friday notified yet another hike in the prices of its vehicles, its third in 2023, with the increase going as high as Rs550,000.

Cumulatively, the firm has raised prices of its cars by up to Rs1.65 million. The company earlier raised prices on January 23 and February 6.

The latest price hike will come into effect from February 18, 2023.

According to a notice sent to its dealers, the company said “keeping in view the devaluation of rupee against dollar, volatile business situation and increase in sales tax, HACPL has to increase current prices”.

The price of City MT 1.2L model saw a hike of Rs250,000 to Rs4.579 million. The car was earlier priced at Rs4.329 million. The rate of high end City Aspire CVT 1.5L has been raised from Rs5.119 million to Rs5.419 million, an increase of Rs300,000.

Read about all price-increases in 2023 here:

The price of BR-V CVT S rose Rs300,000 to Rs5.949 million.

The high-end Civic variants saw price increases in the range of Rs480,000-550,000.

The cheapest Civic 1.5L M CVT is now priced at Rs7.779 million while Civic RS1.5L LL CVT will now cost Rs9.119 million

On January 23, Honda Atlas had hiked prices of its entire line-up by up to Rs550,000. The company cited exchange rate volatility and inflation in material cost as the reason behind the price-increase.

On February 6, the company jacked up prices of its vehicles for the second time in two weeks, with the hike being as high as Rs550,000.

Earlier, Indus Motor Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, increased prices of its cars for a third time in 2023 citing “economic uncertainties and extreme volatile situation of rupee against US dollar”.

“As you are aware, economic uncertainties and the extreme volatile situation of rupee against dollar has adversely impacted the cost of manufacturing for IMC,” read the notification.

“Thus, this situation has made it extremely difficult for IMC to hold the current indicative retail selling prices, and therefore, we are compelled to pass on some impact to the market,” it added.

On February 9, Pak Suzuki Motor Company (PSMC) increased its car prices for a second time within a month.

Meanwhile, the rupee appreciated 0.59% in the inter-bank market on Friday. As per the State Bank of Pakistan (SBP), the currency closed at 262.82 against the US dollar, an increase of Rs1.56.