Pak Suzuki jacks up car prices for third time in six weeks

Pak Suzuki Motor Company on Tuesday increased its car prices for a third time in six weeks by up to Rs263,000.

The company blamed increase in power tariffs and currency devaluation for the latest price hike. The price increase will be applicable from February 20, 2023.

It is pertinent to mention that on a cumulative basis, the company has raised vehicle rates by up to Rs968,000 this year.

The auto sector of Pakistan is on a price-hiking spree since the start of 2023. Indus Motor Company and Honda Atlas have also raised automobile prices thrice.

Suzuki’s cheapest passenger car – Alto VX will now be sold for Rs2.144 million following an increase of Rs110,000. The company’s high-end Swift GLX CVT saw a price increase of Rs263,000 and will now be sold for Rs4.725 million.

The company hiked prices due to recent increase in cost of “electricity, gas, GST (general sales tax), different utilities and overhead expenses, currency fluctuation, economic uncertainties, increase in local and international raw material parts and accessories cost,” according to Pak Suzuki Head of Public Relations Shafiq Ahmed Shaikh in Business Recorder.

The firm made the first increase in car prices in 2023 on January 24 and second on February 9.