Pakistan

Auto industry forced to slash prices | The Express Tribune

Published

6 مہینے ago

مارچ 20, 2024

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KARACHI:

Auto experts state that a combination of factors, including weakened purchasing power, heavy taxation, rampant inflation, and currency devaluation, has compelled auto companies to slash prices. This move, while reducing profit margins, benefits customers and lends support to the struggling industry.

Expressing frustration with poor economic policies, market analysts told The Express Tribune that the recent government decision to hike sales tax on vehicles with engine sizes of 1,400CC and above, as well as those priced above Rs4 million, from 18% to 25%, has adversely affected the auto sector. They highlight that this increase in sales tax, enforced by the government and the Federal Board of Revenue (FBR), prompted auto companies to lower prices, sacrifice profit margins, and devise customer-friendly strategies.

For instance, if companies had passed on the entire 7% increase in sales tax to vehicles priced slightly above Rs4 million, customers would have faced a hike of at least Rs280,000 per unit. However, instead of passing on this burden to customers, companies opted to reduce prices to keep these vehicles within the 18% sales tax bracket. Ultimately, customers bear the brunt of these sales taxes.

Experts identify four major challenges—high interest rates, heavy taxation, rupee devaluation, and inflation—as significantly impacting the auto industry. They stress the need for the government to formulate consistent and pragmatic policies to stimulate sector growth, warning that without such measures, auto plants may become economically unviable, leading to increased unemployment.

Read: Auto vendors optimistic amid recovery signs

“In 2021-2022, over 300,000 vehicles were sold with the government collecting hefty taxes. However, given the current economic challenges, including high interest rates and inflation, the imposition of further taxes is expected to drastically reduce car sales, with projections ranging from 80,000 to 90,000 units during 2023-2024,” remarks Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Chairman Abdul Rehman Aizaz.

Honda Atlas Cars has reduced prices of two City variants to Rs4.649 million and Rs4.689 million, marking reductions of Rs50,000 and Rs140,000, respectively. Similarly, Indus Motor Company (IMC) recently reduced prices across its Yaris sedan lineup, with decreases ranging from Rs73,000 to Rs133,000. The price adjustments apply to four Yaris variants, now priced between Rs4,326,000 and Rs4,766,000 per unit.

CEO of IMC, Ali Asghar Jamali, attributed the price reductions to an internal strategy, providing no further details.

According to Waqas Ghani, Deputy Head of Research at JS Global, reduced inflationary pressure, coupled with low interest rates in car financing, is expected to boost sales in the near future.

Meanwhile, Muhammad Abrar Polani, a research analyst at brokerage house Arif Habib Limited (AHL), noted a contraction in local auto market demand. The decrease in auto prices aims to facilitate industry recovery.

Published in The Express Tribune, March 20^th, 2024.

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Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

Published

39 منٹ ago

ستمبر 20, 2024

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans	Monthly Payments
3 months	Rs56,300
6 months	Rs28,300
9 months	Rs21,890
12 months	Rs17,200
24 months	Rs10,170
36 months	Rs7,800

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Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

Published

2 گھنٹے ago

ستمبر 20, 2024

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

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Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

Published

3 گھنٹے ago

ستمبر 20, 2024

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

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Gold prices reach historic high in Pakistan – Pakistan Observer

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