Seres 3 EV Price Reduction, Perks of Competition?

Regal Automobiles has recently reduced the price of the newly introduced Seres 3 EV in Pakistan. After a significant drop of Rs. 809,000 in the ex-factory price, the electric crossover that was previously priced at Rs. 9,199,000. is now available for Rs. 8,390,000.

Related: Seres 3 EV Price Reduced a Month After Launch

According to company notification, the decision to lower the vehicle’s price was made in response to the strengthening of the Pakistani rupee against the US dollar. Moreover, the price reduction has also been attributed to the adjustment of duties and taxes for electric vehicles. The company also stated that the move is in line with its goal to support environmentally friendly transportation and the country’s transition to EVs.

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However, if we observe, there hasn’t been much of a change in the Rupee/Dollar parity, save from a little fluctuation, which doesn’t really justify a huge Rs 809,000 price reduction. Furthermore, no other automaker has announced any price cuts yet.

Related: IMC Unveils Toyota Corolla Cross Hybrid and its Prices

The reason behind the price reduction looks to be purely the arrival of the locally assembled Toyota Corolla Cross to the scene. While the Seres 3 is an EV, the Corolla Cross is a hybrid that falls in the same price domain. However, because the Corolla Cross is backed by Toyota, which provides it an advantage with increased production capacity, a large nationwide after-sales network, and, most importantly, an established brand name, the Seres 3 EV priced above Rs 9 million began to look less appealing.

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Another reason is the lack of charging infrastructure and expensive electricity costs that are pushing EV buyers away. For this, the government needs to give a thorough relook at its EV policy and incentives that it grants to the automakers. More competition in the EV segment and options with higher driving ranges and lower prices are the need of the day, which will help battle the environmental impacts and reduce the spending on fuel import, something which was among the prime objectives of the Electric Vehicle policy.

Related: The Future of Electric Vehicles in Pakistan: Overcoming Challenges and Seizing Opportunities

Nevertheless, it is the competition that has benefitted the customers, and with a reduced price tag, the Seres 3 might be able to attract buyers as it has become even cheaper (read less expensive) than the likes of Kia Sportage AWD, Hyundai Tucson AWD Ultimate, Proton X70 (both variants), Haval H6, and Changan Oshan X7 Future Sense.

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