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Suzuki, Honda, KIA increase car prices

Another hike expected in January

SAMAA | - Posted: Nov 11, 2021 | Last Updated: 2 months ago
SAMAA |
Posted: Nov 11, 2021 | Last Updated: 2 months ago

Pak Suzuki, Honda Atlas and KIA Lucky Motors Pakistan have increased the prices of their different cars variants.

The prices have been increased by a minimum of Rs161,000 and a maximum of Rs500,000.

Experts say a further price hike is expected in January 2022 while own money on cars could go down.

Suzuki

The price of Suzuki’s best-selling 660cc Alto VX has gone up by Rs161,000. It will now cost Rs1.27 million.

The price of Suzuki Alto VXR and Alto AGS rose by Rs173,000 and Rs183,000 to Rs1.5 million and Rs1.7 million, respectively.

Cultus VXR will now be selling for Rs1.9 million after an increase of Rs249,000.

Cultus VXL and AGS have seen a price jump of Rs275,000 and Rs297,000, respectively. These two variants are now available at Rs2.1 million and Rs2.72 million.

The prices of Suzuki Wagon R VXR, Wagon R VXL and Wagon R AGS have gone up by Rs230,000, Rs242,000 and Rs264,000. Its three variants are now priced at Rs1.76 million, Rs1.85 million and Rs2.02 million.

Tanveer Ahmed, a Suzuki dealer, said that new rates will be applicable on all bookings made after November 10. The new rates, however, will not apply to customers who have already booked their cars before November 11, even if the deliveries of the car are due next calendar year.

Ahmed said they expected new bookings will decrease by 60% and the unauthorized dealers who book vehicles in bulk may make fewer bookings. As a result, profits may go down, he added.

Honda

Honda City 1.2L will now be selling for Rs2.72 million after a hike of Rs130,000 and the price of City1.5L MT is to increase by Rs180,000 to Rs3.19 million.

Honda Civic 1.8L variant has witnessed an increase of Rs 395,000 and will now cost Rs4.25 million. Whereas, the flagship Civic Turbo RS received a price bump of Rs485,000. Its new price is Rs5.04 million.

The new rates of Suzuki and Honda are effective from November 11.

KIA 

The price of an automatic version of KIA Picanto has increased by Rs269,000. Its new price is Rs2.05 million.

The manual version saw a price jump of Rs228,000. The new price is Rs2.15 million.

KIA Sportage Alpha has seen a price hike of Rs356,000 and will now cost Rs4.65 million against the old price of Rs4.29 million.

The prices of KIA Sportage FWD and Sportage AWD have gone up by Rs368,000 and Rs380,000. These variants will now be selling for Rs5.15 million and Rs5.65 million, respectively.

KIA Carnival GLS and Carnival GLS Plus have seen the highest price jump of Rs500,000 each. The new prices of both variants are Rs9.19 million and Rs9.99 million.

The new prices of KIA have taken effect from November 08.

How will the price hike impact car sales?

Research analyst Raza Jafri says that due to customer preference and high demand, the price increases may not hit sales targets in the long run. However, it can temporarily impact car sales in the next few months.

Another research analyst Adnan Sami Sheikh told SAMAA Digital that the dollar rate was Rs157 in June and it has now reached Rs175.70 indicating a 10% increase in the rate. Whereas, companies have increased car prices by 5%.

“The prices of the car may go up by another 5% in January 2022,” said Sheikh

Sheikh said that companies’ profits for the latest quarter remain low. However, companies can increase profits by raising car prices in January 2022.

Analyst Abdul Ghani Miannoor says that the own money on cars may go down for the time being.

Own money is a price an investor charges from a customer who wants to buy a vehicle immediately. It is higher than the actual price of the vehicle.

Abdul Ghani said that the costs of raw materials such as steel, aluminum have risen in the international market and the dollar has appreciated by 8% in the first quarter of 2021-22, which is putting pressure on the imports bill. Moreover, sea freight charges have gone up.

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