The second week of November is about to come to a head, with some interesting developments resulting in both, intrigue and worry for enthusiasts, analysts, and the general public alike.
Like the previous week, most news stories this week have sparked speculations regarding the future of the Pakistani car market. This news round-up will go over all significant developments that took place during week two of November 2021, while also considering how they will likely affect the Pakistani automotive market in days to come.
After a number of warnings about price hikes from automotive experts, car companies have finally decided to increase the prices of their vehicles.
Thus far, Toyota Indus Motor Company (IMC), Honda Atlas Cars Limited (HACL), Pak Suzuki Motor Company (PSMC), Kia Lucky Motors Corporation (KLMC), Hyundai Nishat, and Regal Motors have increased the prices of their cars.
All car makers have cited the supply chain crisis, devaluation of the local currency, and increase in the cost of raw materials and freight charges as the reasons for increased prices.
The demand for cars has been incredibly high across Pakistan. However, it is being speculated that the recent price hikes are likely to have a negative impact on the demand for vehicles.
Source: Pro Pakistani