Business
Pak Suzuki motors raises prices of motorcycles in Pakistan
Pakistan's two-wheeler segment, Pak Suzuki Motors, has raised the prices of its motorcycles due to the rupee's devaluation.
Pak Suzuki Motors, a major player in Pakistan's two-wheeler segment, has increased the prices of its motorcycles as the rupee continues to devalue. The company sent a notification to its dealers stating that new prices would be in effect from May 9 onwards and remain the same until further notice. The new prices include the ex-factory product price and freight charges.
The GD110s rate has been hiked to Rs 335,000, GS150 to Rs 364,000, GSX125 to Rs 488,000, GR150 to Rs 521,000, and GW250JP to Rs 1.04 million. The company warns that these prices are subject to change without notice, and customers will be charged any applicable government tax at the time of delivery.
The auto industry in Pakistan, which relies heavily on imports, is currently facing a crisis due to the State Bank of Pakistan's restrictions on opening letters of credit after the rupee's depreciation. As a result, industries are struggling to maintain operations while the country's reserves remain low.
Atlas Honda, Pakistan's largest player in the two-wheeler segment in terms of market share, increased motorcycle prices for the fourth time this year last week. The cost of bikes has risen by Rs 5,000-15,000 due to the most recent increase.
The recent price hikes in the two-wheeler segment have been attributed to the ongoing devaluation of the Pakistani rupee, which has made imports more expensive. As a result, companies are passing the increased costs onto their customers.
The rise in prices could negatively impact sales, particularly among lower-income individuals who may struggle to afford the increased cost of transportation. The automobile industry in Pakistan has been struggling for some time, and the recent price hikes are yet another challenge for the industry to overcome.