Barely four months after the government announced a a cut in duties and taxes in the federal budget FY22, auto makers have issued new prices as assemblers blame rising freight rates, container shortages, expensive raw materials and falling rupee against the dollar for the latest increase.
It may be recalled that auto assemblers had slashed prices by Rs62,000-400,000 on various locally-assembled cars and SUVs.
According to a report by Dawn in this regard, Lucky Motor Corporation Limited (LMCL) increased prices ranging from Rs228,000-500,000 on locally-assembled and imported vehicles. The same day, prices of Toyota vehicles were increased by Rs140,000-580,000.
Similarly, Honda Atlas Cars Limited (HACL) has announced a price hike of Rs130,000-485,000 on different models of City, Civic and BR-V. The newly-launched Honda City price had also been increased by Rs130,000-195,000.
The report claimed that Regal Automobile Industries Limited (RAIL) has planned to jack up prices by Rs200,000-400,000 on different models this week while other assemblers are also flexing their muscles to pass on the impact to consumers.
Earlier in August, Changan Pakistan, a Master Group company, had increased prices but had to suspend the price hike after the government intervened.