KARACHI: Pak Suzuki Motor Company Limited has taken a surprise move, slashing the prices of its popular Swift variants by up to Rs 710,000 effective from 1st May, 2024.

This decision is quite surprising especially after the company implemented a price hike in March due to the depreciation of the Pakistani rupee against other major currencies.

According to the official notification issued to authorized dealers, the Suzuki Swift GL MT variant will now be available at Rs 4.33 million, down from the previous price of Rs 4.42 million.

The Swift GL CVT model has received an even more substantial reduction of Rs 159,000, with its new price tag at Rs 4.56 million. However, the biggest beneficiary is the Swift GLX CVT customers, which have witnessed a massive price cut of Rs 710,000, bringing its cost down from Rs 5.42 million to Rs 4.71 million.

Shafiq Ahmed Shaikh, Head of Corporate Affairs at PSMCL, explained the rationale behind this significant downward revision, stating, “We have reduced the prices of all Suzuki Swift variants, but only for a limited time due to economic stability, no currency fluctuation, especially concerning the dollar-rupee exchange rate, the continuation of favorable policies by the government and State Bank of Pakistan, and, above all, no new, additional, or further taxes from the government, which is excellent support for the industry.”

This move is expected to provide much-needed relief to Pakistani car buyers, grappling with soaring vehicle costs amid economic challenges. The substantial price reduction is anticipated to boost sales for the popular Swift models, renowned for their fuel efficiency, performance, and modern features.

Copyright Business Recorder, 2024