A new round of price increases appears to be on the way, with several car companies announcing price lock offers for new bookings.
Kia Lucky Motor Corporation (KLMC) has announced a price lock offer until January 31, 2023, according to the most recent social media update. According to Autojournal.pk, the company has a large inventory that it intends to sell before producing new stock.
Master Changan Motors Limited (MCML) announced last week a limited-time discount and price lock offer across its entire lineup. The company acknowledged the drop in vehicle demand. According to an official statement:
Automobile purchasing has taken a hit as a result of the reduction in the real wage of every household in Pakistan, as households delay vehicle purchases in order to prioritise other more pressing needs. The ongoing national economic challenge has also compelled the central bank to impose import restrictions across all industries. Because they rely on imports for various components, automobile assemblers, auto part vendors, and accessory businesses have all experienced disruptions in business operations.
The US dollar rate has been steadily rising over the last few days. Toyota Indus Motor Company (IMC) and Sazgar Engineering Works Limited (SEWL) have already raised the prices of some of their vehicles. With these price locks, the local auto industry appears to be in for a rough patch.