KARACHI: Car and bike assemblers on Tuesday announced the increase in prices citing rupee devaluation against the dollar, higher sea freight charges and raw materials.
The latest price hike from auto assemblers came a day after Prime Minister Imran Khan announced a cut of Rs10 per litre in petrol and diesel prices.
Lucky Motor Corporation Limited (LMCL) increased the prices of various vehicles by Rs212,000-475,000 effective from March 1. Picanto MT and AT models are now available for Rs 2.4 million and Rs 2.5m, respectively. Sportage Alpha, FWD and AWD prices have been raised to Rs5m, Rs 5.5m and Rs6m, respectively. The new prices of Stonic EX and EX plus models are Rs4.150m and Rs4.450m each.
In a circular to its dealers, LMCL said that for Picanto, the company would not charge the price difference on orders where delivery commitment on the provisional booking order (PBO) was January 2022 and full payment (existing ex-factory price) has been received in LMCL’s account till March 10. For PBOs, where delivery commitment is February 2022 and onwards, the revised ex-factory price will apply.
For Stonic and Sportage, the company said it would not charge the price difference on orders where delivery commitment on the PBO was January 2022 and full payment (existing ex-factory price) was received in the company’s account till February 28. For PBOs with delivery commitment of February 2022 and onwards, the revised ex-factory price will apply.
Without mentioning any reason in its circular to authorised dealers, Atlas Honda Limited increased the price by Rs3,400-9,400 on different bike models from March 1. The price of CD-70, CD-70 Dream, Pridor, CG-125S and CG-125F are now pegged at Rs97,900, Rs104,500, Rs133,900, Rs185,500 and Rs227,900, respectively. The new prices of CB150F is Rs286,900.
United Auto Industries, country’s second largest two-wheeler assembler after Atlas Honda, also hiked the price of United 125cc by Rs2,000 citing increase in raw material cost. The new price would become effective from March 5.
Yamaha Motor Pakistan Limited on February 22 had already pushed up the price by Rs11,000-12,000 on YBR125G (red and black) and YBR125G (matt dark grey) to Rs232,500 and Rs235,500, respectively. Chairman Association of Pakistan Motorcycle Assemblers Mohammad Sabir Sheikh said more companies would follow suit as high raw material prices, freight charges and falling rupee against the dollar are continuously putting extra pressure on cost of production.
Honda, Suzuki and Yamaha sold 798,657, 21,240 and 14,038 units in the first seven months of the current fiscal year (7MFY22) as compared to 732,041, 12,682 and 12,654 units in the same period last fiscal year.
Sales of Chinese bike assemblers like Road Prince and United Auto Motorcycle fell by 30pc and 27pc to 63,286 and 168,546 units from 89,855 and 230,370 units.
Published in Dawn, March 2nd, 2022