Cars will cost more in Pakistan after one of the largest automobile manufacturers raised prices by up to 15%. According to industry analysts, Hyundai, Toyota Motors Company, and Honda Cars Pakistan will increase their prices, but this will vary depending on several factors. Suzuki may also raise its prices. Toyota has already increased the price of cars between R287,000 and Rs1,260,000.
After two big sector players have raised prices, more automakers are expected to join the race due in part to price pressures and negative rupee-dollar exchange rates. This could be triggering another round of price increases in the business, sources told on Wednesday.
Market sources backed the announcement and added that car prices will always rise around the presidential election, but sales are not being affected.
The analyst has said that the price increases, in conjunction with the state bank of Pakistan’s restrictions on car financing, will cause demand to fall. In contrast, the chairman of All Pakistan Motor Dealers Association Hema Shehzad stated that the demand for cars will continue to increase while the time to deliver will get longer despite the price increase.
He said that the automotive sector across the globe is facing a shortage of raw materials. He also noted that the demand for cars will likely decline due to the current political environment within Pakistan.