Car prices jacked up in Pakistan as rupee weakens

KARACHI: Pak Suzuki Motor Company has jacked up the price of cars, citing rupee devaluation against the dollar and shortage of raw materials, ARY news reported.

According to details, Pak Suzuki jacked up its car prices by Rs263,000 on the back of increase in power tariffs along with currency fluctuation. It is for the third time in the current year Suzuki has increased prices of its cars.

Suzuki’s Alto VX will now be sold for Rs2.144 million following an increase of Rs110,000. The company’s Swift GLX CVT saw a price increase of Rs263,000 and will now be sold for Rs4.725 million.

Moreover, the prices of Wagon-R, Ravi and Bolan have increased by Rs180,000 and Rs94,000 respectively.

Earlier in Feb, Pak Suzuki Motor Company Ltd (PSMCL) shut down its plant from February 13 to 17 due to low inventory supply.

“Due to continued shortage of inventory level, the management of the company has decided to shut-down automobile plant from February 13, 2023 to February 117, 2023,” stated a notice sent to the Pakistan Stock Exchange (PSX).

In the filing, Pak Suzuki said that the company’s imports “adversely impacted clearance of import consignment which resultantly affected inventory levels”.

It was the fourth consecutive announcement by the company of keeping brakes at its production activities in 2023. Earlier, the company suspended production activities from Jan 2-6. The firm stated that its supply chain is affecting due to restrictions of the State Bank of Pakistan (SBP).

Read More: Pak Suzuki extends plant closure 

Later in January, PSMC notified the closure again that it would keep the automobile plant shut from January 9 to January 20, attributing the same reasons for curbs on the import of CKD kits.

It is pertinent to mention here that PMSC is the local assembler, manufacturer and marketer of Suzuki cars, pickups, vans, 4x4s and motorcycles as well as related spare parts. The Suzuki brand itself is from Japan.