The recent USD exchange rate against the rupee has prompted many local automakers such as Toyota Indus Motor Company (IMC), Pak Suzuki Motor Company (PSMC), and Honda Atlas Cars Limited (HACL) to reduce their car prices. United Motors has also announced price cuts in all its cars.
Moreover, the Minister for Industries and Production Syed Murtaza Mehmood while chairing the Auto Industry Development and Export Policy (AIDEP) meeting, said that the local automakers should reduce their car prices as a gradual appreciation in the Pakistani Rupee is seen against the US Dollar. The minister appreciated IMC for its initiative of price cuts, followed by PSMC and HACL.
United Motors car prices decreased. pic.twitter.com/jpw1DI5YPq
— PakWheels.com (@PakWheels) August 17, 2022
As a result, United Motors has also recently decreased its car prices in order to provide a benefit to its customers and spur its sales. The company has officially shared a new price list which is applicable from today, August 18, 2022.
The price of United Bravo is decreased to Rs. 1,519,000 compared to Rs. 1,619,000, with a price difference of Rs. 100,000. Likewise, United Alpha has also experienced a price reduction of Rs. 117,000, it has a new price of Rs. 1,769,000 against Rs. 1,886,000.
The USD exchange rate is directly proportional to the car prices in Pakistan, the increase in USD exchange causes price hikes. Therefore, the USD exchange rate directly impacts our local auto industry. Recently, the local auto industry has been adversely affected by economic uncertainty and the price hikes had made the cars out of reach for most of the customers.
Conclusively, the gradual appreciation of the Rupee against the Dollar since June, 29 is a beacon of hope for the local industries to spur their sales once again.