Honda Slashes Car Prices Following Depreciation of US Dollar
Honda has recently announced a significant reduction in the prices of its cars in Pakistan. This decision comes as a result of the depreciation of the US dollar against the Pakistani rupee. The auto-giant aims to provide more affordable options to its customers in light of the current economic situation.
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Price Reduction Details
The price cut applies to various Honda models, with the most expensive car, Civic RS1.5L, seeing a reduction of Rs. 300,000. The cheapest car in Pakistan, City MT 1.2L, also experienced a price drop of Rs. 100,000.
Here are the new and old prices of some Honda models after the price cut:
| City Model | Previous Price (PKR) | New Price (PKR) |
|---|---|---|
| City MT 1.2L | 4,799,000 | 4,699,000 |
| City CVT 1.2L | 4,929,000 | 4,829,000 |
| City CVT 1.5L | 5,549,000 | 5,439,000 |
| City Aspire MT 1.5L | 5,759,000 | 5,649,000 |
| City Aspire CVT 1.5L | 5,979,000 | 5,849,000 |
Furthermore, the prices of BR-V and HR-V models have also been reduced:
| BR-V and HR-V Model | Previous Price (PKR) | New Price (PKR) |
|---|---|---|
| BR-V CVT S | 6,529,000 | 6,299,000 |
| HR-V VTI | 7,899,000 | 7,649,000 |
| HR-V VTI S | 8,199,000 | 7,899,000 |
Lastly, the prices of Civic models have been revised as well:
| Civic Model | Previous Price (PKR) | New Price (PKR) |
|---|---|---|
| Civic 1.5L M CVT | 8,599,000 | 8,329,000 |
| Civic 1.5L Oriel M CVT | 8,949,000 | 8,659,000 |
| Civic RS 1.5L LL CVT | 10,199,000 | 9,899,000 |
Industry-Wide Price Reductions
Honda is not the only automaker to reduce its prices in response to the current economic situation. Toyota Indus Motor Company, MG Motors, and Kia Lucky Motors have also implemented price cuts on their vehicles. Toyota reduced prices by up to Rs. 1.3 million, MG Essence’s price was slashed by Rs. 600,000, and KIA announced a reduction of up to Rs. 500,000.
Production Challenges
While the price reductions are a welcome change for consumers, the auto industry has been facing production challenges due to inventory shortages. In October 2023, Toyota, Suzuki, and Honda temporarily suspended their production due to these issues. Although production is set to resume in November, further plant shutdowns may be necessary if the inventory shortages persist.