The three Japanese cars assemblers i.e. Toyota, Honda and Suzuki are in the process of evaluating the impact of rupee depreciation (as well as other factors) and are expected to announce new prices within a couple of weeks.
Suzuki is expected to increase prices of its different variants from Rs 50,000 to 100,000 whereas Indus Motors will go for a price hike of Rs 150,000. Honda Atlas is expected to increase prices from its different variants from Rs 150,000 to Rs 215,000.
The three companies which are already facing reduction of 30 percent in their sales due to ban on purchase of cars by non-fliers have sought permission from their principles for a price hike.
The prices of other companies which are assembling cars in collaboration with their Chinese principals will also increase prices that maybe slightly less than the Japanese companies.
The price of imported cars has already increased due to current depreciation of Pak rupee but a further increase is expected in the coming days.
Likewise, the local motorcycle assemblers will also increase price of different models as the Finance Act was formally signed by the President of Pakistan and necessary SROs have been issued by the Federal Board of Revenue (FBR).
"We know that our sales have declined by 30 percent due to ban on non-filers to purchase cars, but the companies cannot bear the brunt of current depreciation in Pak rupees and increase in different taxes and duties," said one of the representatives of a local company.