FAISALABAD: Chief Engineer Operation Faisalabad Electric Supply Company Ghulam Farooq Wednesday suspended two SDOs on charges of their negligence and delinquency.A spokesman for the company said.
The number of cars sold soared by a massive 114% to 24,918 units due to decline in mark-up rate for auto financing coupled with a reduction in car prices.
Car sales skyrocket 90% in FY21
Demand, however, remains 28% lower compared to peak recorded in FY18
KARACHI:
The total number of cars sold in Pakistan in fiscal year 2020-21 soared 90% compared to the previous fiscal year (FY20), but sales remained 28% lower than the all-time high of 329,000 units reached in FY18.
Pakistan’s total car sales were estimated to have increased by 90% year-on-year to 238,000 units in fiscal year 2020-21, stated a report released by Topline Securities on Tuesday.
The report took into account sales by Pakistan Automotive Manufacturers Association (PAMA) and non-PAMA members as well as imports.
According to it, PAMA members sold 181,000 units during fiscal year 2020-21, which was 62% higher than fiscal year 2019-20.
More carmakers announce price reduction
String of price cuts came after govt unveiled tax incentives in new policy
KARACHI:
After Pak Suzuki Motor Company and Indus Motor Company, KIA Lucky Motors, Honda Atlas Cars and Hyundai Nishat have also announced reduction in prices of their vehicles in order to pass on the benefit of tax withdrawal to consumers.
On July 7, the federal government announced tax incentives under the new auto policy, which have now sparked a string of price cuts by the auto companies.
Honda Atlas Cars reduced the price of Civic 1.5 RS Turbo by Rs135,000, which dropped from Rs4.7 million to Rs4.56 million.
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