Honda, Suzuki, and Toyota have once again shifted the burden of devaluing Rupee on to the customers by increasing their prices.
With the advent of 2019, Pak Suzuki has come up with a surprise for its customers. Along with increasing the price of cars, it has also raised the rates for its bikes. As per the available details, the company has issued a notification to its dealers across the country. While detailing the new rates for the bikes, the notification states that the prices are ‘subject to change without notice.’
The manufacturer of Toyota cars, Indus Motors Company (IMC), has raised the prices of its vehicles by up to Rs. 175,000. Apparently, the company has to shift the increased production cost resulting from depreciating rupee entirely on to the consumers. It bears mentioning that the vehicle manufacturer has increased the car prices four times over the last year. The recent increase in prices has come in the wake of weakening rupee, which has caused imports to become more expensive. The revised prices, rolled out at the advent of the new year, fall in the range of Rs. 75,000 to Rs.175,000.
Honda has increased its bike prices yet again as the rupee continues to fall against the dollar. Atlas Honda, the makers of Honda bikes in Pakistan, has hiked the prices of its motorcycles by Rs. 2,600-8,000. This is the sixth increment in the prices for Honda within a year.
Despite the price hike, Honda’s sales have gone up by 3.66% as the company sold 373,698 units in 4MFY19, as compared to 360,516 units in the same period last year. Chairman of Association of Pakistan Motorcycle Assemblers, Mohammad Sabir Sheikh, told the local media that the hike is due to rupee depreciation against the greenback as it pushes up the cost of imported parts.