Following the industrywide trend, MG JW SEZ has increased the price of HS Essence in Pakistan. Following a price increase of over Rs. 1.3 million, the company’s only vehicle is now priced at almost Rs. 8.2 million. Although, for customers expecting deliveries in February or March 2023, the price hike is just Rs. 100,000. This means they will pay Rs. 6,999,000 as the ex-factory price.
As a result of the Pakistani Rupee’s volatility, car prices have become a horror show. Automakers blame the government for stalled operations, due to the non-approval of letters of credit required to import automobiles and parts.
Toyota Indus Motor Company (IMC), along with a few other carmakers, has increased the prices of its cars multiple times since the beginning of 2023, along with intermittent factory closures. The government is also considering increasing taxes on cars in the fiscal budget for 2023-24, which may trigger another price hike later this year.
