From July 2022, More Price Increases Are Anticipated For Automobiles
July 5, 2022 / By Zunair Tahir / Automotive News
The price of everything is probably going to go up in the automotive industry.
The influence of Pakistan’s economy’s unprecedented period is being felt by the business community as a whole. The cost structure of import-dependent industries has significantly increased as a result of the massive devaluation of the Pakistani rupee against the US dollar over the past two months.
The automotive sector imports its CKD kits, so the devaluation has had a particularly negative impact on the sector. Due of this, major automakers are now thinking about raising prices.
READ MORE: 2022 CAR PRICES IN PAKISTAN
With the exception of Proton Pakistan, some of the main OEMs have already raised their pricing ahead of Eid. The Pakistani rupee, on the other hand, has lost more than 20% of its value versus the US dollar during the past two months.
Proton is the first OEM to announce their raised revised prices as a result, however only by 11 percent, which is far less than the actual impact. This is a positive move, and we wish that other OEMs who are also anticipated to raise their pricing in the upcoming week will do the same by refraining from transferring the whole cost rise onto the customers.
All car types, including hatchbacks, sedans, and SUVs, will see a price hike. Due to its higher value, the crossover SUV category would see the most impact. Due to our currency’s depreciation versus the US dollar, Korean SUVs may see price increases of up to 7.0 million Pakistani Rupee.
We can only hope that the economic situation returns to normal and stability, which is crucial to mending the business mood. This price hike will affect consumers and the industry hard, which might harm demand.
OEMs are not currently permitted to open LCs for the import of CKD Kits. However, this limitation will probably be removed once the IMF program resumes. As a result, if the PKR appreciation against the USD is sustained, the price of cars may stabilize.
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