Car Prices Likely To Go Up From 1st of Nov
With the dollar rate shooting up the sky, all eyes are on the car manufacturers. Everyone is sitting tight, waiting to see if they increase the car prices or not. We have also been second-guessing the car price hike for quite some time. Now, as the dollar rate is about to hit the 175 rupee mark, not only us, the media also thinks that the bad news is almost here.
According to recent media reports, there are high chances of car prices going up, starting from the 1st of November. The companies are all ready to hike the prices and are only holding back on the government’s request.
Car Companies say, “It’s time!”
After car prices went down under the new Auto Policy (2021-2026), Changan tried to increase prices in August. The company took the price changes back on the government’s request. At that time, the other car companies were also getting ready to increase their prices. Seeing what happened to Changan, everyone held back their fire. Not anymore!
Chairman of Pakistan Automotive Manufacturers Association (PAMA) and CEO of Toyota Indus Motor Company (IMC), Ali Asghar Jamali, also said that the vehicle prices could go up “any time now”.
Other than the depreciating rupee value, the rising cost of raw materials and shortage of semiconductor chips will be the factors behind the incoming car price hike. The companies have tried their best to take it all in, but the rising production costs have left them no choice but to increase their prices.