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Thursday, April 18, 2024

New Car launches in Pakistan

The automobile sector of Pakistan experiences a revival due to the introduction of new car models in the market.

In recent developments, Lucky Motors plans to launch the new Kia Sorento model on February 19, 2021, in Pakistan.

The Sorento model by KIA is a seven-seater SUV that will be available in three variants and seven colors. Other major features of the model include LED head and tail lights, auto boot, Hankook 18” tires, 8” multimedia system, wireless car charger, panoramic sunroof, rear air conditioning, and two options for the interior color.

A report released by Arif Habib Limited says the price is expected to be around Rs7-8.5 million.

According to reports, the company is also expected to launch another model called Cerato by June 2021. These new and rapid launches by Lucky Motors are done to compete with Toyota’s Fortuner Variant.

Topline Security Analyst, Fawad Basir, has stated that the new models have higher fuel efficiency and better safety standards to improve comfort and performance levels.

According to Fawad Basir, with the rising competition from new players, older original equipment manufacturers are forced to update the car models with better features. New players have forced the older original equipment manufacturers to introduce updated car models with better features.

Read more: Most anticipated SUV Toyota Fortuner “Legender” coming to Pakistan

Revolutionizing the automobile sector

The new competition has encouraged many car companies to introduce new models. Pak Suzuki has launched newer variants of its Wagon R, Cultus and Alto. Indus Motor Company also updated its Corolla model and introduced Yaris. Honda Atlas is also expected to release a fresh City variant in the market later during the year after it launched 10th generation Civic.

These new models have revolutionized the automobile sector of Pakistan. Car sales during 2021 were reported at 200,000 units. The lower policy rate has benefitted the automobile companies as demand for technologically updated vehicles has increased.

Car companies face an overwhelming response from customers who are appreciating the diverse options of car models with better specifications. Due to the high demand, Lucky Motors plant has been operating on a double shift capacity since January 2021

During 2018, Pakistan imported 78,000 vehicles, however, the number dropped to 10,000 in 2020 following a change in the automobile policy. Fawad Basir has pointed out that new players were bridging this import gap while existing player maintained sales growth.

The increase in car sales has encouraged the local existing players to launch new models so that they are able to survive in the market.

Read more: Pakistan’s automobile industry in recovery with increased localization

This is encouraging for Pakistan as the country’s GDP will prosper. Apart from this, the updated specifications of the new models will ensure fuel usage is efficient, which is beneficial for the sustainability of the environment.