Japanese and Chinese bike assemblers have shocked their buyers with surprise price hikes on the eve of Eidul Azha. APP/file
KARACHI: Japanese and Chinese bike assemblers have shocked their buyers with surprise price hikes on the eve of Eidul Azha.
Without giving any reason in their price revision letters to their authorised dealers, the Japanese assemblers have raised prices by Rs2,400-8,000 for different models.
While Chinese bike-makers have jacked up rates by Rs500-Rs2,000 attributing it to rising raw material (steel, plastic and resin) prices on the world markets coupled with rising rates of locally made parts.
The market leader Atlas Honda Ltd (AHL) has shocked buyers by raising prices by Rs2,400-5,000 on various models effective from Wednesday, the day nation will be celebrating Eidul Azha.
Qazi Hadi at Topline Securities said Pak Suzuki informed analysts that with regards to rupee-dollar parity, the company may undertake price review. AFP/File
KARACHI: As the auto assemblers anticipate jump in vehicle prices on account of spiralling raw material prices on world markets, another cost pressure has emerged following removal of export tax rebate by China on 146 kinds of steel products from May 1, 2021.
At the analyst briefing held last week, Pak Suzuki Motor Company Ltd (PSMCL) and Indus Motor Company (IMC) cautioned about price hikes in vehicles.
Qazi Hadi at Topline Securities said Pak Suzuki informed analysts that with regards to rupee-dollar parity, the company may undertake price review. However, the potential impact of the ongoing third wave of Covid-19 is also under consideration.
Similarly, non-markup/interest income increased to Rs2.53bn as against Rs2bn during 1QCY20 showing an increase of 27pc.
TRG Pakistan PAT surges
TRG Pakistan Ltd announced that its PAT soared to Rs2.8bn during 1QCY21 compared to Rs690,000 in 1QCY20. The PAT in 9MFY21 also posted a massive growth to Rs7.2bn from Rs19m in the same period last year.
Earnings of Nishat Chunian up 150pc
Nishat Chunian Ltd reported its PAT increased 150pc to Rs2.5bn during 1QCY21 from Rs1bn in the same period 2020. In 9MFY21 its profit swelled to Rs5.3bn from Rs3.2bn in the same period last year.
Fully cashing in on a strong demand, Japanese and Chinese bike assemblers have again raised prices by between Rs1,500 and Rs3,400. Photo courtesy Fahadullah/File
KARACHI: Fully cashing in on a strong demand, Japanese and Chinese bike assemblers have again raised prices by between Rs1,500 and Rs3,400, citing costly raw materials on the world markets in the ongoing month.
With over 94 per cent localisation in the 70cc segment and a substantial rupee recovery against the dollar since August 2020, buyers have yet to see any price impact. Atlas Honda Ltd (AHL) made a second price hike in the current month. The current price hike ranges between Rs2,400-3,400 of different models effective from Feb 1, while the company had jacked up price by Rs1,600-2,000 on Jan 5.
Auto sales showed a brisk upward trend in 4MFY21 with 8.1 per cent rise in sales of cars, 93pc in jeeps, 39pc in LCVs, 19pc in two- and three-wheelers and 24pc in farm tractors. AFP/File
KARACHI: Auto sales showed a brisk upward trend in 4MFY21 with 8.1 per cent rise in sales of cars, 93pc in jeeps, 39pc in LCVs, 19pc in two- and three-wheelers and 24pc in farm tractors, data released by the Pakistan Automotive Manufacturers Association (Pama) showed on Wednesday.
Atlas Honda Ltd assembled and sold all-time high units of 116,024 and 116,000 respectively in October, breaking its own record of 115,972 assembled and 115,161 sold units in April 2018.