KARACHI – Following in the footsteps of other carmakers, Pak Suzuki Motors, the assembler, and seller of Suzuki vehicles in Pakistan, has jacked up the prices of its popular models.
The auto giant with the biggest market share in the fifth most populous country has increased car prices with effect from February 9, it was learnt on Wednesday.
With the latest price revision, the price of its most famous Alto AGS has been increased to Rs2,651,000, with a price difference of Rs228,000.
Alto’s basic variant VX price sees an increase of Rs175,000. The car is now marked at Rs2,034,000. The new price of Wagon AGS stands at Rs3.34 million, Cultus at Rs3.9 million, and Swift GLX CVT at Rs4.46 million.
The company also announced halting its automobile products for five days as the automaker is facing shortage of inventory due to non-issues of letters of credit (LCs) by banks amid dearth of dollars. Several import-based business are struggling to continue the operation as foreign exchange reserves held by the central bank dropped to an alarming level of around $3 billion.
In a letter to Pakistan Stock Exchange, it said that "due to continued shortage of inventory level, the management of the company has decided to shut-down automobile plant from February 13, 2023 to February 17, 2023".