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Hike in Honda Car Prices Once Again in 2023

In the current outbreak of the economy the Automobile Sector is also getting affected. Honda Atlas Cars Limited (HACL) has increased the prices of its cars for the second time in two weeks. They have stated that the declination of local currency, mounting inflation and hike in fuel prices have caused the increment of prices.

A joint letter has been issued to the governor of State Bank of Pakistan (SBP) Mr. Jameel Ahmed on Thursday by Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) and Pakistan Automotive Manufacturers Association (PAMA). 

Read More: Changan Drops Devastating Price Hike On Customers in 2023

The letter is clearly stating  that the industry is on the verge of collapsing due to the State Bank’s  import limitations and lack of collaboration in the car sector. This is one of the main reasons that the plants are facing sporadic closures while the assemblers and suppliers lay off employees. 

Read More: Toyota is Returning Full Booking Amount With Markup Due to Delivery Delays

The issuance of the letter of credit (LC) has direct and indirect impacts which has triggered the industrial collapse. Moreover, if the situation continues in the same state this might end up in unemployment of a large public chunk, decline in government’s revenue, closing of automobile assembly plants and loss of capital. The letter also suggests that the right measures need to be taken in order to prevent the unemployment issues. 

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