A Wave of Price Hike in the Automobile Industry Amid Inflation | CarMandee Blogs | CarMandee

A Wave of Price Hike in the Automobile Industry Amid Inflation

Ishaq Nabi
by Ishaq Nabi

14-11-2021

4 min read

Car News

Amid an eco-political landscape that is thriving on inflation, auto manufacturers in Pakistan announced a hike in car prices.

There are several factors for these increases in prices which include the increased commodity costs, depreciation of rupee against the dollar, semiconductor chip crisis, and increased infrastructure cost. Moreover, the recent hike in fuel prices has increased freight costs which have abetted auto manufactures’ decisions for the latest surge in car prices.

Owing to all these integral reasons, the price elevation of cars was deemed imminent by car manufactures, and this steep price hike was taken to mitigate the impact of these factors.

The last time auto manufacturers and assemblers revised the prices of vehicles was in July 2021 after the Pakistani government lowered the customs and federal excise duties on cars.

car prices increased
car prices increased

The automakers in Pakistan who have announced to increase the car prices are listed below:

Indus Motor Company (IMC)

Asghar Ali, CEO of Toyota has announced the new increased prices of the entire lineup. The car costs have increased as it has become imperative for the company to pass some impact of various input costs to the customers. The new prices will only apply to those who have made bookings on and after November 10. Those car purchasers who have their deliveries due by December will not bear the additional costs.

The old and revamped prices of Toyota Corolla, Toyota Yaris, Toyota Fortuner, and Toyota Revo Are listed below.

Toyota Corolla

CAR MODEL

OLD PRICE

NEW PRICE

Corolla Altis Grande X CVT 1.8 (Beige Colour)

 

3,869,000 PKR

4,079,000 PKR

Corolla Altis Grande X CVT 1.8 (black interior)

 

3,889,000 PKR

4,099,000 PKR

Corolla Altis X Automatic 1.6

 

3,249,000 PKR

3,449,000 PKR

Corolla Altis X CVT-i 1.8

 

3,579,000 PKR

3,779,000 PKR

Altis X 1.6 Manual

 

3,109,000 PKR

3,299,000 PKR

Toyota Yaris

CAR MODEL

OLD PRICE

NEW PRICE

Yaris ATIV CVT 1.3

2,669,000 PKR

2,849,000 PKR

Yaris ATIV M-T 1.3

2,519,000 PKR

2,679,000 PKR

Yaris ATIV X CVT 1.5

2,899,000 PKR

3,099,000 PKR

Yaris ATIV M-T 1.5

2,719,000 PKR

2,899,000 PKR

Yaris GLi CVT 1.3

2,589,000 PKR

2,749,000 PKR

Yaris GLi M/T 1.3

2,409,000 PKR

2,549,000 PKR

Toyota Fortuner

CAR MODEL

OLD PRICE

NEW PRICE

Fortuner 2.8 Sigma

9,269,000

9,849,000

Fortuner 2.7 G

7,649,000

8,149,000

Fortuner 2.7 VVTi

8,899,000

9,399,000

Toyota Revo

CAR MODEL

OLD PRICE

NEW PRICE

Revo G Auto 2.8

6,779,000 PKR

7,109,000 PKR

REVO V Auto 2.8

7,379,000 PKR

7,779,000 PKR

REVO G 2.8 M/T

6,429,000 PKR

6,759,000 PKR

Revo Hilux E

5,859,000 PKR

6,149,000 PKR

KIA Lucky Motors

The announcement of a surge in prices of the old models came with the news of prices of the novel KIA Stonic. Bookings for the newly launched KIA Stonic have started with a 30-day delivery promise. The price of Stonic EX is 3,660,000 PKR and the price of the EX+ variant is 3,880,000 PKR.

Car prices increased in Pakistan

The old and revamped prices of KIA Sportage, KIA Picanto, and KIA Grand Carnival are listed below.

KIA Sportage

CAR MODEL

OLD PRICE

NEW PRICE

KIA Sportage AWD PKR

5,270,000 PKR

5,650,000 PKR

KIA Sportage FWD PKR

4,782,000 PKR

5,150,000 PKR

KIA Sportage Alpha PKR

4,294,000 PKR

4,650,000 PKR

KIA Picanto

CAR MODEL

OLD PRICE

NEW PRICE

KIA Picanto AT

1,922,000 PKR

2,150,000 PKR

KIA Picanto AT Manual

1,781,000 PKR

2,050,000 PKR

KIA Grand Carnival

CAR MODEL

OLD PRICE

NEW PRICE

KIA Grand Carnival GLS

8699000 PKR

9,199,000 PKR

KIA Grand Carnival GLS +

9499000 PKR

9,999,000 PKR

Honda Atlas Motors

Due to the prevalent trend of increasing prices in the Pakistani car arena, Honda has escalated the prices of its most popular models. A maximum price hike of a jump of 485,000 has been observed which has shocked car enthusiasts in Pakistan.

The cars booked on and after November 11, 2021, will be priced according to the new rates. Those who will clear payment till November 10 can purchase their booked car according to the old rates.

Car prices increased in Pakistan

The old and revamped prices of Honda City, Honda Civic, and Honda BR-V are listed below.

Honda City

CAR MODEL

OLD PRICE

NEW PRICE

Honda City 1.2L MT

2,599,000 PKR

2,729,000 PKR

Honda City 1.2L CVT

2,799,000 PKR

2,949,000 PKR

Honda City 1.5L CVT

2,899,000 PKR

3,069,000 PKR

Honda City 1.5L Aspire M/T

Rs3,019,000 PKR

3,199,000 PKR

Honda City 1.5L Aspire CVT

3,174,000 PKR

3,369,000 PKR

Honda Civic

CAR MODEL

OLD PRICE

NEW PRICE

Honda Civic 1.8 i-VTEC CVT

3,614,000 PKR

3,979,000 PKR

Honda Civic Oriel 1.8 i-VTEC CVT

3,864,000 PKR

4,259,000 PKR

Honda Civic 1.5T RS Turbo

4,564,000 PKR

5,049,000 PKR

Honda BR-V

CAR MODEL

OLD PRICE

NEW PRICE

Honda BR-V i-VTEC S A/T

3,374,000 PKR

3,599,000 PKR

Final Thoughts

The wave of price hikes was expected due to steady depreciation of the national currency, manufacturing costs, logistical challenges, and a global chip shortage. This cost elevation will undoubtedly revolutionize the Pakistani car market and what happens next remains to be seen.

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