[VIDEO] All the new cars set to enter the auto sector of Pakistan
Here's all you need to know!
Pakistan introduced an automobile policy in 2016 to attract new players to the country. The policy aimed to deepen competition among automobile firms and to offer the latest technology to customers.
Topline Securities analyst Fawad Basir said:
The newer models have higher fuel efficiency, better safety standards, and improved comfort and performance levels. New players have forced the older original equipment manufacturers to introduce updated car models with better features.
He highlighted the advancements that have taken place under this policy:
Pak Suzuki launched newer variants of Wagon R, Cultus, and Alto.
Indus Motor Company updated its Corolla model and introduced Yaris.
More New Cars to Enter Pakistani Auto Market
As per reports, Honda Atlas is expected to follow suit and introduce a fresh City variant later during the year after it launches the 10th generation Civic.
Moreover, Arif Habib Limited (AHL) released a report on Monday stating that the company plans to launch the Kia Sorento model on the 19th of February, 2021, to compete with Toyota’s Fortuner variant.
Here are the salient features of the Kia Sorento:
- Seven-seater SUV
- LED head and tail lights
- Hankook 18” tires
- 8” multimedia system
- Wireless car charger
- Panoramic sunroof
- Air conditioning
The vehicle will be available in three variants, seven colors, and two options for interior paint.
According to the AHL report, the company’s plant has been operating on a double shift capacity since January 2021 to produce the vehicle. Experts believe that the price of Kia Sorento will be around Rs. 7 – 8.5 million.
The market also expects AHL, the car company, to introduce another model called Cerato by June 2021.
The growing automobile sector of Pakistan
Fawad Basir said:
The automobile sector of Pakistan was on a growing trajectory, and car sales during 2021 were projected at 200,000 units.
AHL analyst Arsalan Hanif said:
The current market situation favors all players in the automobile sector as companies reap the benefits of a lower policy rate.
He continued to state:
Similarly, new players are receiving overwhelming responses from customers because they have introduced diverse options in the market with better specifications and a good value for money.
Arsalan Hanif shared:
During 2018, the country imported 78,000 vehicles; however, the number dropped to 10,000 in 2020 following a change in the automobile policy.
Pointing out that new players are bridging this import gap while existing players are maintaining sales growth, the analyst further stated:
As the pressure on existing players increases, they launch new vehicles with better facilities to keep their market share intact.
Pakistan Electric Vehicles Manufacturers Association (PEVMA) Chairman Sabir Shaikh said:
The arrival of new players in the market is encouraging for consumers as new technology and a better variety of models become available.
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