Honda Atlas Cars Limited (HACL) is looking forward to a promising increase in sales in the upcoming Market Year (MY2024) compared to the previous year.
During a recent corporate briefing, HACL revealed that the banks are facilitating the auto industry by opening Letters of Credit (LCs). The company expressed optimism that if the government refrains from restricting automotive imports again, it anticipates a significant boost in sales for MY2024.
Regarding pricing, HACL mentioned that the current car prices are set based on the prevailing US Dollar exchange rate, which is currently hovering around Rs. 287. However, there might be a possibility of car prices rising further if the value of the Pakistani rupee depreciates.
In a noteworthy move towards localization, Honda emphasized the localization rates for each of its car models in Pakistan. The localization rates are as follows: Honda City at 71%, Honda Civic at 61%, Honda BR-V at 55%, and Honda HR-V at 52%. This commitment to localization demonstrates Honda’s dedication to the Pakistani market.
Furthermore, Honda disclosed its future plans to introduce hybrid electric vehicles (HEVs) in Pakistan. However, specific details regarding the timeline and the models to be launched were not provided, leaving car enthusiasts eagerly waiting for more updates.
After facing challenges in the automotive industry due to import restrictions in MY2023, Honda’s sales figures were impacted. In MY2023, the company sold 25,726 cars, which was notably lower than the 37,613 cars sold in MY2022. However, with the prospect of a more favorable market environment in MY2024, Honda is determined to improve these figures and regain its momentum in the Pakistani market.
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Topics #featured #Pakistan
