Toyota Indus Motor Company (IMC) has announced a massive price hike for all completely built-up (CBU) units offered by the Japanese automaker in Pakistan. The price of Toyota Camry is upped by Rs2 million and will now cost Rs23.3 million
The only variant of the popular hybrid model, Toyota Prius received a hike of Rs1.26 million and will be sold for Rs14.65 million. Toyota’s crossover SUV, Corolla Cross (top trim) is now priced at Rs13.4 million after a hefty increase of Rs1.17 million in its earlier price.
Finally, the automatic version of Toyota Rush will now be offered at Rs8.33 million following an increase of Rs710,000.
Toyota IMC’s CBU models, in particular, have become nearly unobtainable following the recent price jump. The government’s main purpose in the auto sector, however, is to discourage CBU imports and increase sales of locally produced vehicles. This means that all other CBUs are on the verge of suffering the same fate as Toyota.
Like the majority of automakers in Pakistan, Hyundai Nishat has joined the price hike bandwagon by raising the price of its sedan offerings; the Elantra GLS, Sonata 2.0, and Sonata 2.5 variants, due to increased shipping costs and continuous depreciation of the local currency.
The premium category sedan, Hyundai Sonata 2.0 witnessed an increase of Rs140,000 in its earlier rate of Rs6,859,000. After the price hike, the car costs Rs6,999,000. Hyundai Sonata’s top trim will now be sold at Rs7,849,000 after a price increase of Rs100,000 in its previous price of Rs7,749,000.
Hyundai Elantra GLS after getting a price of Rs150,000 will be offered at Rs4,949,000, the exact model was previously sold at Rs4,799,000.
Almost every local or imported sedan is now out of reach of the masses as the auto industry has been massively affected by the ongoing devaluation of the Pakistani currency against the US dollar, increased freight charges along with the premium culture (own trend) in the country.
Pakistan’s top two-wheeler manufacturer, Atlas Honda has announced another significant price hike for its motorcycles which is Honda’s third price increase in less than five months.
Honda CD70, the country’s most popular two-wheeler, is now priced at Rs102,900, after an increase of Rs3000. The 100cc Honda Pridor following the increase will be sold for 139,000 after an increase of Rs3000 in its old price of Rs136,900, while the iconic Honda 125 is now priced at Rs163,500 after a hike of Rs4000 in its prior cost.
The price of the Honda CB 150 SE increased by Rs8,000, bringing the total price to Rs303,900, up from Rs295,900 previously.
Pakistan’s two-wheeler industry has achieved over 90 per cent localization, according to the Ministry of Industries and Production’s (MOIP) latest report. This means that the majority of a motorbike’s structural and mechanical components are manufactured in Pakistan, with only a few foreign parts.
Despite this, all companies continue to raise their bike pricing without introducing or incorporating any advancement, putting them out of reach for the majority of local consumers.
Honda’s mini-SUV, the HR-V is finally approaching its second generation. The upcoming model will have some significant upgrades from styling to engine performance.
It will be bulkier, futuristic, and more powerful than the previous model, with better looks than the smaller, hybrid-only European variant introduced in 2021.
VEZEL and HR-V confusion
For those who may not know, the original name for ‘Honda Vezel’ is ‘Honda HR-V’. This hybrid vehicle has become quite famous in Pakistan for its good looks and impressive fuel consumption despite being an expensive completely built-up (CBU) unit. It is mostly witnessed with a ‘Vezel’ badging instead of ‘HR-V’ here.
The Japanese automaker said that the new subcompact SUV will be based on the same platform as the international Honda Civic variants. It has a longer wheelbase than before, and the rear suspension is now independent.
One important thing Honda revealed about the powertrain is that it will be a more responsive engine as compared to the prior one, which might be the Civic’s 180-hp turbocharged 1.5-liter inline-four, replacing the existing HR-V’s 141-horsepower 1.8-liter inline-four.
The HR-V’s engine for the base model could be the naturally aspirated 158-hp 2.0-liter inline-four from the Civic’s lower trim levels. Front-wheel drive will almost certainly be standard, with all-wheel drive as an option, and a CVT automatic transmission will almost certainly be the only transmission option. A hybrid HR-V is also expected to enter the lineup, though it may arrive later than the fuel-only model.
Honda has not officially revealed any photographs or details of the HR-V’s interior, however, it will be exciting to see how the new platform will affect its packaging. As the fuel tank was positioned behind the front seats, the previous HR-V, like the Fit, had a surprisingly low cargo floor.
The LX, Sport, EX, and EX-L variants from the current model are anticipated to continue over. Honda also published a video showcasing the new HR-V in a variety of colours, including red, silver, black, and white. Unfortunately, there is no official statement released by the company regarding its price and availability in other regions.
Toyota Indus Motor Company (IMC) achieved a new monthly milestone in March 2022, selling 7,132 vehicles, exceeding the prior record of 7,001 vehicles sold last year in October.
It is pertinent to mention that the manufacturer has established a monthly sales record for the third time in the last eight months, which is a remarkable achievement.
IMC is extremely proud to announce another record-breaking month with 7,132 units sold in the month of March 2022 – highest since its inception in 1993.
IMC has experienced tremendous growth over almost three decades of competence in producing and marketing Toyota cars in Pakistan. It was also revealed that the recent sales are the biggest since the company’s inception in 1993, for which the business has extended gratitude to its devoted customers.
As consumer demand has grown over time, the corporation has made significant efforts to expand its capacity in order to satisfy the demands for innovative products.
One of the most popular models from Toyota Pakistan is the iconic Toyota Corolla, which is also one of Asia’s most popular automobiles. The latter has been quite successful for decades now, accounting for the best sales.
Due to its relatively faster delivery period than other car brands in Pakistan, the automaker has a broad demand in the nation and appeals to a wider clientele for its durable and trusted offerings.
Reportedly, the Toyota Yaris has a two-month delivery wait as opposed to the Honda City’s four-month delivery period.
In order to maintain quality standards, the firm invests heavily in coaching and motivating its qualified personnel. The corporation places a strong emphasis on corporate ethics along with employee and customer safety.
On the flip side, the corporation may have to raise prices once again due to worldwide logistical issues, rising freight costs, and the depreciation of the Pakistani rupee.
Imported raw materials have become pricier for automakers as the rupee continues to depreciate against the US dollar. As a consequence, IMC said that overall sales may drop by nearly 15 per cent over the coming years.
Suzuki Pakistan has announced a massive price increase for its entire motorcycle lineup, following Yamaha and Honda. The new prices are effective from Friday, April 1, 2022.
The biggest price increase has been announced for the 150cc GR-150 variant, which is now priced at Rs330,000 after getting a massive hike of Rs15,000 in its previous cost of Rs315,000. Considering the size of its engine, this is unquestionably a significant and unjustified increase.
Suzuki GS-150, one of the most prominent bike in Suzuki’s lineup witnessed a hike of Rs10,000 for both variants (GS-150 and GS-150SE). The base GS-150 costs Rs225,000 after the hike and the upper variant GS-150SE is now priced at Rs242,000, as compared to their earlier prices of Rs215,000 and Rs232,000.
Moreover, the 110cc variant, Suzuki GD-110s which was previously sold at Rs199,000 will now be offered at Rs207,000, after getting a hike of Rs8,000.
The motorcycle manufacturer raised the prices of its motorcycles four times in 2021, and this is the first price rise of 2022. Suzuki motorcycle prices were increased by up to Rs28,000 between January and December 2021.
Bike manufacturers’ pricing hikes have pushed two-wheelers out of reach for most of the country’s population. Despite the fact that the matter has been raised numerous times in the media, the government has yet to take a step in this regard and maintain pricing consistency.
Three prominent automakers in Pakistan including Suzuki, Honda, and Hyundai are expected to announce a price hike within two weeks, due to the depreciation of the rupee against the US dollar and rising prices of imported raw materials.
Analysts expect car prices to increase by up to 15 per cent. It is worth noting that Pak Suzuki and Kia Lucky Motors have already announced a price hike for their vehicles.
Experts predict that more auto assemblers and Original Equipment Manufacturers (OEM) are expected to jump on the price hike bandwagon.
Considering the imminent price hike, Suzuki Bolan may witness an increase of Rs. 172,000 in its current price of Rs. 1.17 million, which will cost Rs. 1.35 million after the hike.
The all-new Honda Civic Vti Oriel 2022 which costs Rs. 5.4 million is expected to be priced at Rs. 6.2 million after a massive increase of Rs. 810,000 in its current price.
Hyundai’s only sedan, the 2.0 Hyundai Elantra GLS after getting the expected hike will cost Rs. 5.1 million as compared to its current price of Rs. 4.4 million.
Pak Suzuki Motor Company Limited (PSMC) has increased the prices of its bike for the 4th time this year.
The first price increased in January and the second came in July. The third one happened a few months ago and the recent one happened to be the fourth.
The automakers said that depreciating local currency and the COVID-19 has impacted the sales of bikes. The cause of the recent price increase is to meet the operational expenses of the company.
Though business has started getting normal in recent months after the ease of lockdown, and the rupee has also shown strength against the dollar, prices continue to increase.
It is pertinent to mention here that PSMC has recorded a quarterly loss in the 3rd quarter of 2020, marking it to be their 8th consecutive quarterly loss.
It bears mentioning that PSMC has recorded a quarterly loss in the 3rd quarter of 2020, marking it to be their 8th consecutive quarterly loss.
In the bike segment, Atlas Honda remains the undisputed king in terms of sales figures, whereas Yamaha is also faring well, although official sales figures are not yet known. PSMC, with its limited product lineup and sky-high prices, continues to struggle to establish itself as a strong competitor for Honda and Yamaha.
