Atlas Honda Cars According to an official with knowledge of the development, Pakistan has postponed its plans to introduce the locally assembled Vezel (HR-V).
Under the
condition of anonymity, the official said that the company has previously
tested and assessed the viability of the Honda Vezel in Pakistan.
The business
has since changed its mind, which is a development that comes as the auto
industry continues to suffer from import restrictions.
Mashood
Khan, an expert in the auto industry, agreed and stated that it is now
impossible to do a feasibility study for the introduction of a new vehicle in
Pakistan since "no firm can introduce a vehicle under the current
conditions."
The import
of completely knocked down (CKD) and completely built-up (CBU) units has been
restricted by the government, according to Khan, a former chairman of the
Pakistan Association of Automotive Parts and Accessories Manufacturers
(PAAPAM), which has made it challenging for manufacturers to produce the
current models.
According to
Khan, the market shouldn't anticipate the introduction of new cars unless the
nation's foreign exchange reserves increase.
As
policymakers looked for methods to stop the rupee's collapse, Pakistan took
action to impose import restrictions, particularly on goods from the car
industry. The currency was under intense pressure as a result of diminishing
foreign exchange reserves in July, which led the administration to impose
import shipment restrictions.
The rupee
once more came perilously close to hitting an all-time low in September,
although a brief reprieve occurred in the last four trading sessions. The rupee
has gained a total of Rs7.59, or 3.3%, in the interbank market since Friday
(September 23).
"The
phenomena of the appreciation seems to be transitory. We are hopeful that the
government will act decisively to support and stabilize the economy and, in
turn, the local currency," Khan continued.
Business
Recorder has already claimed that Honda Atlas was getting ready to introduce
the HR-V. An executive at the time stated that the business might introduce a
petrol version in Pakistan.
Due to
supply issues, Honda will reduce car production in Japan by up to 40%.
According to
a survey conducted earlier this year by a car manufacturer, the market share of
the SUV class has increased from 5% to 20% in three years despite price
increases as automobile companies debuted several new models.
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