Monitoring Desk
KARACHI: Faced with the demand slump and raw material shortages amid the economic crisis, Indus Motor Company (IMC) announced a fourth production suspension from February 1-14.
Agriauto Industries Ltd (AIL), the auto vendor, announced partial closure this month due to the sharp decline in demand for parts and accessories from main automakers. The assembler of Toyota cars in a stock filing said that it should resume production from February 15 on a single-shift basis until further notice.
IMC said that the State Bank of Pakistan (SBP) on January 2 advised commercials bank to prioritize-facilitate imports to specified sectors only, which does not include the auto industry.
IMC said that that has disrupted the entire supply chain, and vendors cannot supply raw materials and components to the company.
The company kept its car production operation suspended from August 1-13, September 1-16, and December 20-30, 2022.
Despite production stoppages and the 52pc drop in sales in IHFY23, IMC shocked its customers by increasing rates from Rs280,000 to Rs1.2 million on various models in a second week of this month.
Lucky jacks raised prices: Kia Lucky Motor Corporation has increased the price by Rs100,000 to Rs1.3m from Feb 1. Till the previous month, the company has been offering a rate lock option to the customers with delivery.
Automakers increase the prices
As per the company’s website, the new car price of Kia Picanto Manual and Automatic could be Rs3.2m and Rs3.4m, an increase of Rs100,000 and Rs200,000, respectively.
The bike gets costlier: The country’s no.1 bike assembler, Atlas Honda Ltd (AHL), raised the price of 70cc-150cc bikes by Rs7,400-30,000 from February 1. The fresh rates of CD-70, CD-70 Dream, Pridor, CG-125, CG125S, CB125F, CB15OF and CB150F are Rs128,900, Rs137,900, Rs170,900, Rs194,900, Rs230,900, Rs,383,900 Rs305,900, and Rs387,900.
United Auto Industries, Pakistan’s second-largest bike assembler, announced a rate hike of Rs6,000-10,000 in 70cc-125cc bikes from February 1.
Memon Motor Private Ltd, assembler of Super Star Motorcycle, also has increased the price of 70cc-125cc bikes by Rs6,000 from January 30. NJ Auto Industries, maker of Power bikes, has made a rate jump of Rs5,000-8,000 in 70cc-200cc bikes from January 27.
