In yet another horror-inducing revelation, Honda Atlas Cars Limited (HACL) has hiked the prices of its cars for the 3rd time in a month. The company has blamed rising inflation and local currency depreciation as the reasons for the hike.
This is Honda’s third price hike within a month. Since January 24, 2023, the company has increased the prices of its cars by up to an eye-watering Rs. 1.65 million.
Effective on February 18, the new prices are as follows:
| Models | Old Price (Rs.) | New Price (Rs.) | Increase (Rs.) |
| City 1.2 M/T | 4,329,000 | 4,579,000 | 250,000 |
| City 1.2 CVT | 4,469,000 | 4,729,000 | 260,000 |
| City 1.5 CVT | 4,739,000 | 5,019,000 | 280,000 |
| City Aspire 1.5 M/T | 4,939,000 | 5,229,000 | 290,000 |
| City Aspire 1.5 CVT | 5,119,000 | 5,419,000 | 300,000 |
| Civic 1.5T M-CVT | 7,299,000 | 7,779,000 | 480,000 |
| Civic Oriel 1.5T M-CVT | 7,599,000 | 8,099,000 | 500,000 |
| Civic RS 1.5T LL-CVT | 8,649,000 | 9,199,000 | 550,000 |
| HR-V VTi 1.5 | 6,799,000 | 7,199,000 | 400,000 |
| HR-V VTi S 1.5 | 6,999,000 | 7,399,000 | 400,000 |
| BR-V S 1.5 | 5,649,000 | 5,949,000 | 300,000 |
Foreign exchange restrictions and component supply issues are stifling the auto industry.
Earlier this month, the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) and the Pakistan Automotive Manufacturers Association (PAMA) sent a joint letter to State Bank of Pakistan (SBP) Governor Jameel Ahmed.
According to the letter, the industry is on the verge of extinction due to SBP import restrictions and the lack of collaboration between banks and the automobile industry. As a result, plant closures are sporadic, and assemblers and suppliers lay off workers.
The letter warned that if corrective action is not taken, this situation will lead to widespread unemployment, a drop in government revenue, the closure of automobile assembly plants, and a mass exodus of investors.
