Al-Haj Automotive has announced a major price hike for Proton Saga and X70 due to the recent local currency crash. Prior to this, Proton had increased the prices of both vehicles thrice in 2022.
The base variant of Pakistan’s cheapest sedan now costs 2.82 million, whereas the top variant will now be available for almost Rs. 3.15 million.
Effective immediately, the new prices of all proton cars are as follows:
|Model||Old Price (Rs.)||Revised Price (Rs.)||Increase (Rs.)|
|Saga Standard Manual||2,579,000||2,824,000||245,000|
|Saga Standard Automatic||2,729,000||2,999,000||270,000|
|Saga ACE Automatic||2,849,000||3,149,000||300,000|
|X70 Executive AWD||6,050,000||6,850,000||800,000|
|X70 Premium FWD||6,400,000||7,300,000||900,000|
It bears mentioning that since April, the Pakistani Rupee (PKR) has lost around 30 percent against the US dollar making it harder for import-reliant industries like the auto sector to maintain their product prices. Affected by the drop, rising steel, and shipping prices, Al-Haj Proton has increased the prices of its cars. It is worth mentioning that the Rupee has seen a significant rise in the last two days as it closed on 226.15 against the US Dollar on 4th August.
An Industrywide Problem
Earlier this week, Honda Atlas Cars Limited (HACL) held an analyst briefing earlier this week that highlighted future prospects. The company foresaw a decline in sales by up to 35 percent due to supply-chain challenges.
Furthermore, HACL, along with Toyota Indus Motor Company (IMC), Pak Suzuki Motor Company (PSMC), Kia Luck Motor Corporation (KLMC), etc. will observe non-production days due to a delay in the letter of credit (LC) approval for the CKD imports.
The issue has caused several months of delivery delays, which is gradually taking a toll on car demand as well. With these issues looming over the industry, car sales are most likely to witness a significant decline in the coming days.