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Islamabad, Pakistan: In a recent development impacting the Pakistani auto market, Pak Suzuki Motor Company (PSMC) announced an automobile price increase for several of its popular car models, effective February 29, 2024. This news comes amidst ongoing concerns about rising automobile prices in Pakistan.
Price Increases Across the Range:
- Suzuki Alto: The 660cc Suzuki Alto variants witnessed a significant price increase of up to Rs. 110,000. The revised prices for these models are:
- Alto VX: Rs. 2,331,000
- Alto VXR: Rs. 2,707,000
- Alto VXR AGS: Rs. 2,894,000
- Alto VXL AGS: Rs. 3,045,000
- Suzuki Cultus: The Suzuki Cultus AGS experienced the most substantial price hike of Rs. 180,000, with its new price reaching Rs. 4,546,000.
- Suzuki Swift: The Suzuki Swift GL MT and Swift GLX CVT models also saw price increases of Rs. 85,000.
Reasons for the Price Increase:
Pak Suzuki’s Head of Corporate Affairs, Shafiq Ahmed Sheikh, addressed the price hike in an official statement. He acknowledged the challenges faced by the company, including production plant shutdowns and other factors, but highlighted that they refrained from price adjustments for nearly a year.
However, Sheikh explained that factors like inflation, rising overhead expenses, escalating international raw material and accessories costs, and increased shipment/freight costs made it difficult to maintain the existing pricing structure.
He further mentioned the unforeseen “Red Sea issue,” which led to a critical period with a substantial increase in freight expenses, impacting the company’s ability to control prices.
Balancing the Burden:
Despite these challenges, Sheikh emphasized that Pak Suzuki is only passing on a minimal portion of the financial burden to customers through the price hikes. He assured that the company will continue to absorb a major part of the increased costs, mitigating the impact on consumers.
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Impact on the Market:
This price increase by Pak Suzuki is likely to further contribute to the ongoing trend of rising automobile prices in Pakistan. This trend has been attributed to various factors, including currency devaluation, rising production costs, and limited supply due to import restrictions.
The impact of these price hikes on consumer demand and overall market dynamics remains to be seen. However, it is expected to be a concern for potential car buyers, particularly those in budget-conscious segments.
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