Will Toyota and Honda cut car prices amid regulatory changes in auto sector?

KARACHI – All eyes are on leading Japanese carmakers including Toyota and Honda as top car makers including Suzuki announced massive drop in price.

Reports shared in local media claimed that Honda Atlas and Toyota Indus decided not to jump on bandwagon, initiated by Lucky Motor Corporation Ltd (LMCL) and Pak Suzuki Motor Company Ltd (PSMCL).

Despite receiving inquiries from dealers and customers regarding recent price adjustments in the market, Honda reportedly decided to maintain its current prices. The company cited stable forex rates and material costs as reasons for this decision.

Indus Motor Company (IMC) also opted out of the fresh trend and stated that it will not change its prices for the time being. The auto giant has been conscious of passing on any benefits to its customers and has previously reduced the prices of its entire product line, including selected variants of Toyota Yaris.

Earlier, KIA reduced the price of the Stonic EX Plus model by Rs1.513 million, likely leading to lower premiums or on-money charges from buyers.

Meanwhile, Customers are eager to purchase the Stonic before the Budget 2024-25 to avoid potential government-imposed duties and taxes.

The move comes amid facing challenges such as clearing unsold stocks and piling up inventory, while automakers are hopeful that its sales and marketing strategies will be successful.