Govt Continues to Import Luxury Vehicles Despite Economic Crisis

In the midst of a severe economic crisis and rapidly depleting foreign reserves, the govt of Pakistan continues to spend a hefty amount on the import of luxury vehicles. The move has seen serious criticism coming from journalists and economic analysts alike.

According to Ali Khizar, 65 luxury cars are confirmed for the first batch (on January production) for delivery in March 2023. LCs for 45 cars are opened, and the remaining 20 are in process. In addition, 100 more cars are booked for the second batch (for production in March). And the company is eagerly taking more bookings. As per the info, the price of these BMW i7 luxury vehicles is 226,000 Euros per unit which roughly converts into Rs 5 crore 47 lac.

Officials of the Ministry of Industries and Production said that the SBP (State Bank of Pakistan) has taken some lenient attitude in opening LCs from 1st January 2023 and a notification has also been issued in this regard for the booking of luxury BMW vehicles.

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Additionally, sources also claim that the government has allowed the import of over 160 Mercedes-Benz luxury vehicles. While local assemblers & auto parts makers are worried about difficulties in opening LCs for raw materials, LCs worth more than 9 billion are being opened for luxury vehicles.

Related: Govt Imports Luxury Cars Worth Millions in November

Nearly 60 expensive luxury vehicles worth billions were already imported in late 2022 including Toyota Land Cruiser and Prado, some Lexus models, as well as electric vehicles for the elites including Mercedes Benz EQE/EQS, BMW iX3 as well as Nissan Leaf.

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