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The Long Wait Is Over! Pakistan’s Auto Policy for the Years 2021-2026 Is Here

July 7, 2021 / By Zunair Tahir / Automotive News

Auto Policy has finally been revealed by the federal government. Khusro Bakhtiar, the Federal Minister for Industries and Production, spoke during a news conference on the new strategy.

We’ve been hearing a lot of stories and speculations concerning automobile price increases in Pakistan. Despite repeated warnings, the situation for automobile users in the country remained uncertain. The wait, however, is now over. Pakistan’s new Auto Policy 2021-2026 has been announced by the government. According to the information given, there is undoubtedly good news for automobile aficionados. Furthermore, the new Auto Policy is good news for automobile buyers in the lower middle and middle classes. Let’s go straight into the specifics!

Impact On Cars

Vehicle Prices Have Dropped

The long-awaited decision has finally arrived. Vehicle costs have been decreased as a result of the new Auto Policy. Vehicles with engines up to 850cc would have their costs reduced to as low as PKR 105,000 under the new policy. When it comes to 1000cc vehicles, costs might drop as low as PKR 146,000. Furthermore, if we look at the Toyota Yaris and Honda City in particular, the costs will drop by up to PKR 125,000.

Here is the Auto Policy for the Years 2021-2026.

In the following 1-2 days, new car prices will be applied.
To put an end to the “ON Money” mentality, the buyer must register the vehicle in his or her own name.
3,75,000 new employment will be created in the auto industry.
The auto sector has a production capacity of 4,15,000 vehicles per year. Pakistan manufactured 1,64,000 cars last year.
Cars with engines up to 850cc will have their prices reduced by up to Rs. 105,000.
1000cc rates would be reduced by up to Rs140,000.
For one year, the import tariff on electric vehicles (EVs) would be cut from 25% to 10%.
If the automobile is delayed for more than 60 days (2 months), the firm will be charged KIBOR + 3%.
The automobile industry is taxed to the tune of Rs350 billion.
The government is working on a policy for auto development and export. Not only will the policy be focused on the domestic market.

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The number of vehicles imported by automakers has increased by 83%

June 23, 2021 / By Zunair Tahir / Automotive News

According to the study, auto-industry imports totaled $2.624 billion in the first eleven months of FY 2020-21, compared to $1.431 billion in the first eleven months of FY 2019-20.

The value of CKD/SKD car imports in this year was $2.180 billion, up 86.72 percent from the previous year. CBU imports grew by 81.29 percent, with a value of $336.941 million compared to $185.861 million previous year.

CAR PRICE IN PAKISTAN

According to industry observers, the recent flood of new cars may have caused such a huge spike in the value and volume of vehicle imports. In the previous year, almost two dozen new cars were released to the Pakistani market, the majority of which are SUVs, but virtually all of them cost more than PKR. 4 million.

The government is turning its attention to encouraging the sale and purchase of smaller, more environmentally friendly automobiles in order to decrease the high import bill.

The All Pakistan Motor Dealers Association (APMDA), on the other hand, is advocating for a change of the import rules to encourage car imports. H.M. Shehzad, the Chairman of the APMDA, wrote to the Ministry of Finance (MOF) around two weeks ago to suggest modifications to the new car policy that would take effect after the presentation of the 2021-22 budget.

He went on to say that the newcomers are also raising costs, delaying car deliveries, and “fleecing the consumers in the form of Own-Money” for early deliveries of their automobiles.

Shehzad proposed that the government encourage the import of automobiles into Pakistan to promote healthy competition in the market and to raise the quality standards of current automakers.

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Apple And Kia Are Near To Finalize Deal To Make Apple E-Car

Apple and Kia are allegedly close to an arrangement in which Apple will have to spend 6 3.6b KRW 4 trillion in Kia in the future to manufacture electric vehicles.

In Georgia, Apple is working with Hyundai’s affiliate, Kia, for US services. With an initial expectation of 100,000 vehicles a year by 2024, Apple plans to start making electric cars. It could further raise this figure to 400,000 units a year.

According to Industry Insider, owing to its electric vehicle model, EGMP, its manufacturing facilities in the United States, Apple is leaning towards Hyundai as a core partner in car production. Kia will handle the production and production of the vehicle, while Apple will manage the self-driving hardware, applications and user interface, battery systems, semiconductors, and the form factor.

Pakistan Exports Its First Locally Assembled Vehicle

Apple and Hyundai talked for a while before the project. More and more, Hyundai admitted, only to cancel later. Hyundai executives are actually allegedly making a fuss over beginning a venture with Apple. Insiders, though, suggest Hyundai is more than willing and see it as a chance for Apple’s loyal base around the world to do favors.

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The Long Wait Is Over! Pakistan’s Auto Policy for the Years 2021-2026 Is Here

The Long Wait Is Over! Pakistan’s Auto Policy for the Years 2021-2026 Is Here

Impact On Cars

Vehicle Prices Have Dropped

Here is the Auto Policy for the Years 2021-2026.

READ MORE NEWS…

The number of vehicles imported by automakers has increased by 83%

The number of vehicles imported by automakers has increased by 83%

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CAR PRICE IN PAKISTAN

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Apple And Kia Are Near To Finalize Deal To Make Apple E-Car

Apple And Kia Are Near To Finalize Deal To Make Apple E-Car

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Pakistan Exports Its First Locally Assembled Vehicle

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