KARACHI: As Indus Motor Company Ltd (IMC) decreased prices by Rs100,000 to Rs1.310 million citing rupee appreciation, Pak Suzuki Motor Company Ltd (PSMCL) on Tuesday announced the suspension of car and motorbike production for a limited period.
In a stock filing, PSMCL said its car plant would remain shut from Oct 25-27 and Oct 30-Nov 3. Similarly, its two-wheeler assembly would also be inoperative from Nov 1-3 due to a shortage of inventory.
According to Topline Securities, Pak Suzuki announced a profit of Rs3.8bn (earnings per share of Rs46.24) in 3Q2023 versus a loss of Rs2.5bn (loss per share of Rs30.25) in 3Q2022.
This takes the 9M2023 loss to Rs5.9bn (LPS: Rs71.34) as compared to a loss of Rs2.5bn (LPS: Rs30.46) in 9M2022.
Sales stood at Rs29.9bn during the July-September quarter against Rs29.8bn in the same period last year, while sales plunged to Rs73bn in the first nine months of the current calendar year from Rs142bn in the same period last year.
While keeping its plant closed from Oct 17-Nov 17 due to low inventory and parts shortage, Indus Motor slashed the price of the Toyota Yaris by Rs100,000-Rs120,000.
Toyota Yaris GLI MT 1.3, ATIV MT 1.3, Gli CVT 1.3, ATIV CVT, Aero CVT 1.3, ATIV X MT 1.5, ATIV X CVT 1.5 and Aero CVT 1.5 now carry price tags of Rs4.399m, Rs4.689m, Rs4.659m, Rs4.899m, Rs5.099m, Rs5.309m, Rs5.649m and Rs5.849m as compared to Rs4.499m, Rs4.789m, Rs4.759m, Rs4.999m, Rs5.199m, Rs5.429m, Rs5.769m and Rs5.969m.
After a price reduction of Rs1.1m to Rs1.310m, the new prices of Toyota Fortuner LO Petrol, High Petrol, Diesel, Legender and GRS are Rs14.499m, Rs16.999m, Rs17.999m, Rs18.999m and Rs19.999m versus Rs15.809m, Rs18.099m, Rs19.079m, Rs20.129m and Rs21.089m.
With a price drop of Rs200,000-250,000, Toyota Corolla 1.6MT, 1.6CVT, 1.6CVT SR, 1.8CVT, 1.8 CVT SR and 1.8 CVT SR Black now sell at Rs5.969m, Rs6.559m, Rs7.189m, Rs6.889m, Rs7.509m and Rs7.549m as compared to Rs6.169m, Rs6.769m, Rs7.429m, Rs7.119m, Rs7.759m and Rs7.799m.
Toyota Revo prices have been reduced by Rs450,000-790,000. The new prices of Revo G MT, Revo G AT, Revo V A/T, Revo VA/T Rocco and Revo V AT GR-S are Rs11.959m, Rs12.549m, Rs13.849m, Rs14.419m and Rs15.359m as compared to Rs12.409m, Rs13.019m, Rs 14.389m, Rs15.179m and Rs16.149mn.
The IMC has become the third assembler to pass on the impact of a strong rupee to the buyers of its vehicles. Earlier, Lucky Motor Corporation had cut prices by Rs100,000-500,000 on different models followed by a drop of Rs600,000 by MG Motors on its MG HS Essence model.
While previously acting more quickly in increasing the prices on rupee depreciation against the greenback, the auto assemblers had adopted
quite a sluggish approach in bringing down the prices despite a 9pc rise in the rupee’s value against the dollar from Sept 5 (Rs307.10 in the interbank market) to the current Rs279.43 on Tuesday.
Surprisingly, bike assemblers have not reduced the rates even though they had raised prices multiple times in a single month citing rupee depreciation.
Published in Dawn, October 25th, 2023
