The amount of outstanding vehicle loans fell for the 18th consecutive month to Rs 251 billion at the end of …

The post Auto Financing Drops for 18th Consecutive Month first appeared on CarSpiritPK and is written by News Desk.

Auto financing in Pakistan continued to decline for the 8th consecutive month in February 2023 dipping nearly 9% to Rs 326 billion from Rs 357bn in the same month of the previous year, according to the data released by the State Bank of Pakistan (SBP).

The post Auto Financing Falls for 8th Consecutive Month first appeared on CarSpiritPK and is written by News Desk.

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.

The post Govt Continues to Import Luxury Vehicles Despite Economic Crisis first appeared on CarSpiritPK and is written by UsmanAnsari.

The government has reduced the custom duty for the import of CKD (Completely Knocked Down) kits for the assembly of small cars with 1,000cc or below displacement engines. The move is expected to have a positive effect in form of reduced prices of such vehicles that are assembled locally.

The post Custom Duty for the Import of CKD Kits for Small Cars Reduced first appeared on CarSpiritPK and is written by UsmanAnsari.

State Bank of Pakistan (SBP) has decided to withdraw restrictions on imports effective from January 2, 2022. The central bank informed this via a circular addressed to presidents and chief executives of authorized dealers in the country.

The post SBP Decides to Withdraw Restrictions on CKD Imports first appeared on CarSpiritPK and is written by UsmanAnsari.

It has been revealed by senior Economist Ali Khizer, that the government has spent millions in the month of November to import luxury cars and high-end electric vehicles into the country.

The post Govt Imports Luxury Cars Worth Millions in November first appeared on CarSpiritPK and is written by UsmanAnsari.

Car financing continue to show downward trend in Pakistan as it has recorded a decline for the fourth consecutive month in this fiscal year. According to the data released by the State Bank of Pakistan (SBP), auto financing figure in October stood 1.4% lower than its September 2022 level.

The post Car Financing Drops for Fourth Consecutive Month first appeared on CarSpiritPK and is written by UsmanAnsari.

Due to constantly increasing vehicle prices and high interest rates, auto financing has dropped to the lowest level since January 2022. Compared to July, it again dropped by 2.2% in August.

The post Auto Financing Dropped to Lowest Since January first appeared on CarSpiritPK and is written by UsmanAnsari.

Auto parts makers and vendors have started facing production challenges due to the restrictions imposed by the State Bank of Pakistan (SBP). The industry says it has been encountering a production crisis following the curbs put in place through Circular #09 of 2022.

The post Payment Restrictions Hit Auto Sector’s Production first appeared on CarSpiritPK and is written by UsmanAnsari.

Local auto assemblers have expressed serious concerns over a new mechanism introduced by the State Bank of Pakistan (SBP) for import of goods and termed it a huge risk for the auto industry

The post PAMA Concerned About New Import Mechanism Introduced by SBP first appeared on CarSpiritPK and is written by UsmanAnsari.