• The Suzuki Alto and its rivals now cost close to or more than Rs. 2 million.
• Due to a sharp fall in the value of the local currency and increases in tax rates, car prices have increased significantly.
• Automakers and industry analysts agree that the firm will likely reduce demand for cars by 25 to 35 percent.

Due to a sharp fall in the value of the local currency and increases in tax rates, interest rates, freight expenses, and material costs, car prices have increased significantly during the past year.

Due to the most recent price increases, Suzuki Alto and its rivals now cost close to or more than Rs. 2 million. The Suzuki Alto’s price has climbed by the following amount, as have those of its rivals:

The implementation of the Automotive Industry Development and Export Police (AIDEP) 2021-26 allowed for a decrease in car costs at this time last year.

But because of the enormous demand for vehicles, there were a lot of CKD imports, which increased the current account deficit.

The government raised Federal Excise Duties (FEDs), Additional Customs Duties (ACDs), and General Sales Tax (GST) on specific automobiles to prevent the country’s foreign exchange reserves from further depleting.

Imran Khan was ousted as prime minister in early 2022, and as a result of the political unrest that followed, Pakistan’s economy also suffered.

In addition, the government boosted car tariffs even more in the fiscal budget for 2022 while also restricting imports into the auto industry.

Automakers and industry analysts agree that the firm will likely reduce demand for cars by 25 to 35 percent.

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