Business

Honda Atlas hikes car prices once again

Published

2 years ago

Farwa

Car prices jacked up to Rs1 million.
Industry affected by hike in sales tax.
New prices come into effect from March 14.

KARACHI: Honda Atlas Cars Pakistan Limited (HACPL) once again jacked up its car prices following a hike in the sales tax on 1400cc and above vehicles, The News reported Wednesday.

Recently, the government raised the sales tax to a whopping 25% on numerous items terming them as “luxury” goods to fetch an additional Rs11 billion in revenue.

The auto industry, which had been already struggling with a massive devaluation of the local currency in a year and inventory shortages pushed by import curbs, was impacted by the decision.

“Keeping in view further increase in exchange rate PKR/USD and increase in the rate of Sales Tax from 18% to 25% on 1400cc and above CKD [completely knocked down] vehicles, HACPL has to increase current prices,” the automaker said in a letter to its dealers.

With the increase in prices, Civic 1.5L M CVT, Civic 1.5L Oriel M CVT, and Civic Rs 1.5L LL CVT will cost Rs8.6 million, Rs8.95 million, and Rs10.2 million respectively.

The new prices would come into effect from March 14, the company informed.

The rate of the low-end Honda City MT 1.2L rose Rs220,000 to Rs4.799 million, while the 1.2L City CVT became costlier by Rs200,000 to Rs4.929 million.

Meanwhile, after an increase of Rs530,000, the 1.5L City CVT to be sold at Rs5.549 million.

The new price of BRV CVT S is Rs6.529 million, with a jump of Rs580,000. The rate of HRV VTI S has been increased by Rs800,000 and the new price is Rs8.199 million.

HACPL has announced a production break till the end of March, blaming the current economic situation, issues in the opening of letters of credit, and raw material shortages.

In recent months, almost all auto companies in Pakistan have raised their vehicles’ prices multiple times, as they struggle to cope with an economic downturn in the country that has forced the incumbent government to take some unprecedented decisions.

Last week, Indus Motor Company (IMC) and Lucky Motor Company also jacked up the prices of their vehicles.

“We are compelled to pass on some impact to the market,” IMC stated in a letter to the dealers, adding that the government had enhanced the sales tax on all CKD vehicles with an engine capacity of 1,400cc and above (with exception of IMV-I single cabin).

The new price of Corolla 1.6 MT is over Rs6.1 million, while Corolla 1.8 CVT SR Black would cost more than Rs7.8 million, with a rise of Rs593,000 and Rs760,000 respectively.

The most expensive Toyota vehicle would be Fortuner Diesel Legender at a price of over Rs20 million.

KIA’s Stonic EX and EX+ now cost Rs5.2 million and Rs5.73 million, respectively.

The revised price of Sportage Alpha, FWD and AWD are Rs7.05 million, Rs7.79 million and Rs8.39 million, respectively.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

9 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.