On-Money & Delivery Time Coming Down as Auto Market Crashes

Rising car prices, increase in interest rates, curbs on auto financing, restrictions on the import of CKD parts and the prevailing political and economic uncertainty have proven to be turbulent for local auto assemblers, majority of which are now offering quicker deliveries, price cuts, and various packages to attract customers.

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tax burden worldwide

500% More Taxes on Imported Cars to Protect the Local Assemblers

In startling revelations, the government has imposed up to 500% more taxes on imported cars to protect the local car assemblers from foreign competition. In return, however, the assemblers have passed on the agony by overcharging consumers and delaying deliveries for up to one year.

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Anticipation of 1 Million Units & the Sudden Brake

Not so long ago, Pakistan was planning to enhance its annual automobile production from the existing 250,000 units to about 1 million units over the next 5 years. But even before the flight to achieve that dream could take off, the local auto industry was hit hard by the recent import restrictions by the State Bank which badly exposed the high localization claims made by the local assemblers. Even the production of decade-old vehicles has been hampered due to lack of sufficient localization achieved during all these years.

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Policymakers’ Love With the On-Money Devil

Time and time journalists & researchers have pointed out the malpractices in the auto sector, especially regarding the on-money (own/ premium). During all these years, policymakers made some cosmetic measures to show they are serious to curb this menace, but no concrete measure has ever been taken to tackle the devil.

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