According to automobile experts, the spike in car prices is expected to hit 15% due to various reasons. As Indus Motor Company and Lucky Motor Company had increased their prices many other automobile manufacturers are following the suit. The hike is due to the cost pressure and continuous rupees depreciation.
Suzuki, Honda, and Hyundai are more likely to hit an increase within two weeks. Toyota has already elevated car prices between Rs287,000 and Rs1,260,000.
According to a research analyst, the sole reasons for the major price hike are due to the costing pressures, dollar rupee disparity, and an increase in prices of imported raw materials. Along with Original Equipment Manufacturers (OEMs) and assemblers equally affected.