May 06, 2024 (MLN): Following the recent drop in car prices in Pakistan's auto industry, Changan has also joined the league, reducing the price of its Oshan X7 Futuresense variant by Rs400,000.
The new price of the variant will now stand at Rs8.949 million, down from its earlier price of Rs8.549m.
Likewise, the Oshan X7 Comfort variant has dropped by Rs300,000 to Rs7.999m
Earlier, Pak Suzuki Motor Company Limited (PSX: PSMC) decided to reduce the prices of its Swift model vehicles by up to Rs700,000 in view of the prevailing market conditions and dynamics, for a limited time.
Lucky Motor Corporation (LMC), the assembler and seller of KIA cars in Pakistan also declared a massive Rs1.5m reduction in the price of its Stone EX+ on April 29 as a limited-time offer.
These significant price cuts are quite unexpected in the country that has witnessed surging prices in the recent period despite declining car sales and persistent closure of operations by top players in the industry
Market experts are of the view that this substantial adjustment is part of a strategic move to keep prices below Rs4M without GST, driven by the hefty 25% GST on cars.
By lowering their prices to remain below the Rs4m threshold, companies are potentially trying to avoid the higher GST slab.
