Karachi, 25 January 2023 (GNP): Pak Suzuki Motor Company (PSMC) has announced to increase in its car prices between the range of Rs115,000 and Rs355,000 in light of economic and political downturns and high production costs. The news comes after Indus Motor Company and Honda Atlas previously announced that both companies will increase the prices of their automobiles as well.
The following are the new prices for each automobile produced by the company:
The company released a statement that reads:
“This is due to the current economic uncertainties, inflation in local as well as international raw and other materials cost, the volatile situation of forex, increase in utilities and overheads. This situation has made it very difficult for Pak Suzuki to hold the current selling prices. Keeping this in view, we are compelled to pass on a very minimal portion of this adverse impact through the price increase.”
Arsalan Hanif, who is an auto sector analyst, explained why Pak Suzuki Motors had taken the decision to hike up prices: “PSMC increased car prices due to global inflationary pressure resulting in an increase in raw material prices. This will also improve the margins of the company as it has been in an operating loss due to higher demurrage charges and financial charges on delayed delivery to customers.”
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However, he also added that revenue will remain low due to lower purchasing power, high-interest rates and inflation.
