Did you know about the changing and new entrants in the automobile sector? Here we provide you all the news about the auto sector and the effects of the automobile industry. We have tried to provide you all the news and suggestions about the automobile industry. in this month all the changes and updates that are happened with the automobile sector are available in the Autodeals.pk to help you to find where the automobile sector stands now and how its effect to the economy.
Here are monthly updates of the Auto Sector:
Pakistan Auto Tax Sector Updates:
Tax sector is the biggest income recourse for the economy. The automobile sector pays a heavy amount against the import of the vehicle spare parts and other automotive accessories.
Tyre Smuggling Effect The Pakistan Economy by RS.30 Billion Loss:
Pakistan economy faces a loss due to the smuggling of Tyre. Mostly tyre smuggles from China and no tax and duty pay for this. The CEO of General Tyre and Rubber company Pakistan Hussain Kuli Khan said if the Tyre import from China on the proper way and pay duty and tax against this then this will be a good point for our economy. Any type of smuggling is a loss of the economy because they never pay taxes and duty against the import and it is badly affected.
KPK Seize Motor Bikes For Token Tax Recovery:
The Govt of Pakhtunkhawa start a campaign against the unregistered and non-motorbikes and recover 3million RS in just two days. In these two days of operations, authorities find 5000 artificial number plates vehicles, 220 non-registered motorbikes and seize 500-kilogram heroin.
Fuel Price Increase Over and Over Again:
In this month the fuel price is badly increased and the major reason behind this govt action is the devaluation of the currency. In this month the currency devalued very badly and the prices of petroleum products increase just because of this.
PCSA Started E-challan for Islamabad Registered Vehicles:
Punjab safe city authority extends their e-challan circle and now the Islamabad registered vehicles also receive e-challan in any cause of violating the traffic rules. Islamabad registered vehicles will receive e-challan on the address given on the registered papers. PSCA extend their circle just because to reduce security risk for the public and try to reduce the road accident ration.
The local automobile industry:
The local automobile industry is growing up and the development of the local automobile industry is good and effective as compared to previous. The demand for local vehicles increases because the auto manufacturer provides the best quality vehicles with a low-price range. Foreign investors invest in the automobile sector and this is a plus sign for the economy. Currently United Bravo, Regal Automobile, Pak Suzuki launched their vehicles with low price and these new entrants increase the local market demand.
Prime minister plan about electric vehicles:
The prime minister has planned to introduce electric vehicles in the country. The reason behind this plan is to reduce pollution and fight for oil import. The govt has the plan to move 30 percent of automobile sector in electric vehicles. This will reduce the oil import cost because currently RS.2 million cost spending on import of oil.
Honda Atlas Increase Bike Prices up to PKR 2000:
Honda Atlas is the biggest and trust motorbikes manufacture. In the month of May 2019, Honda Atlas increased the bike price of motorbikes by PKR 2000. Honda Atlas never explain the reason behind this change but its likely happened just because of the devaluation of the currency.
PAK Suzuki Increase the prices By PKR 30,000:
PAK Suzuki announced to increase the prices of its cars by PKR 30,000. the Suzuki Cars Model Suzuki Cultus, AGS, swiftly NV and Swift AT NV prices increased by30,000 PKR. In this month the prices of vehicles increased and the reason is just the dollar rate increase and its bad effect on the automobile sector.
Import Still Not Approved by Pakistan Government:
The import of used cars for commercial banned from the govt. Govt takes this step to promote the local automobile industry. The used cars imports sales down by 60 percent. The import policy SRO (52) applied on import of used cars and under this policy only overseas Pakistani and under gift baggage scheme can import used cars. Because of this policy, the sales of used cars down and the also effect on the business of used cars dealers.
Pakistan Government Amnesty Scheme:
Govt again introduce the amnesty scheme this scheme introduces for the non-custom paid vehicles. From the previous amnesty scheme, govt earned 10 billion revenue and registered 34000 vehicles this is very beneficial for the economy. We will wait for the results coming from this amnesty scheme.