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Category: Automotive

PkRevenue provides stories related to automotive industry. We focus on auto policy of Pakistan. The coverage also includes sales of domestic manufacturing.

  • Apple Music introduced in Mercedes-Benz vehicles

    Apple Music introduced in Mercedes-Benz vehicles

    PARIS: Apple and Mercedes-Benz introduced premium immersive Apple Music’s Spatial Audio with support for Dolby Atmos in Mercedes-Benz vehicles for first time.

    Apple Music with Spatial Audio comes fully integrated through the MBUX infotainment system in Mercedes-Maybach models, the EQS and EQS SUV, as well as the EQE and the S-Class, equipping these vehicles with studio-quality sound better than in any concert hall, and giving drivers a fully immersive listening experience with unparalleled, multidimensional sound and clarity. 

    “Sound quality is incredibly important to Apple Music, which is why we are so excited to be working with Mercedes-Benz to make Spatial Audio on Apple Music available natively in the car for the first time,” said Oliver Schusser, Apple’s vice president of Apple Music and Beats.

    READ MORE: Apple launch savings account card

    “Spatial Audio is revolutionizing the way artists create and fans listen to music, and it’s an experience that is impossible to explain in words; you have to hear it for yourself to appreciate it. Together with Mercedes-Benz, we now have even more opportunities to bring wholly immersive music to our subscribers all over the world.”

    “We’re joining forces to offer our customers a benchmark music experience unparalleled in the industry,” said Markus Schäfer, Mercedes-Benz Group AG’s chief technology officer and a member of the board of management.

    “We are proud that our vehicles will be the first-ever non-Apple devices to feature immersive Spatial Audio with Dolby Atmos. This seamless experience shows how in-car entertainment can reach exciting new levels by perfectly integrating hardware and software.” 

    Mercedes-Benz drivers who are already subscribed to Apple Music gain immediate access to an ever-growing selection of songs and albums available in Spatial Audio from some of the world’s biggest artists spanning all genres, including hip-hop, country, Latin, pop, and classical.

    Apple Music also offers curated Spatial Audio playlists like Driving in Spatial Audio and Hip-Hop in Spatial Audio, where listeners can find and discover songs from their favorite artists. Additionally, subscribers can access Apple Music’s entire catalog of 100 million songs, thousands of editorially curated playlists, and daily selections from the world’s best music experts, including all of the artists and hosts broadcasting across its Apple Music 1, Apple Music Hits, and Apple Music Country global live-stream radio stations.

  • Lexus launches new electric car UX 300e

    Lexus launches new electric car UX 300e

    Lexus launched new electric car UX 300e with the evolution of the brand’s first production Battery Electric Vehicle (BEV) model. The updated UX 300e joins the new UX 200/250h announced earlier this year, with deliveries scheduled to begin in 2023.

    Since the 2005 launch of the RX 400h, the world’s first hybrid SUV, Lexus has been a pioneer of electrification in the luxury market. Based on the electrification vision “Lexus Electrified” announced in 2019, Lexus aims to meet the diverse needs of global customers through a broad range of electrified vehicles, from HEVs to PHEVs and BEVs. Using electrification technology to significantly enhance fundamental vehicle performance.

    Lexus continues to refine the timeless joy of the automobile, through hallmark precision and sophistication. In 2020, Lexus launched UX 300e as the brand’s first production BEV model. In 2022, this was followed by the introduction of the Lexus RZ, a dedicated BEV model.

    As of the end of August 2022, cumulative sales of Lexus electrified vehicles stand at approximately 2.3 million units, as the brand accelerates their development and adoption to contribute to the realization of a carbon-neutral society.

    In addition to its maneuverable body size and unique “UX” urban compact crossover design, the UX 300e is highly regarded by customers seeking a distinctly quiet and refined BEV driving experience. The enhancements announced for the UX 300e are based on the relentless pursuit of perfection under an “Always On” philosophy.

    Enhancements unique to the BEV powertrain include a newly developed battery pack with capacity increased from 54.4 kWh to 72.8 kWh, resulting in a cruising range of 450 km―over 40% longer than the current model.

    The UX 300e also inherits the further refinements made to the dynamic precision of the UX series for confidence-inspiring performance, along with the expanded functionality of active safety technologies, and the evolution of advanced features through the latest multimedia system.

    The updated UX 300e underwent rigorous testing and evaluation at Toyota Technical Center Shimoyama. The low center of gravity created by the under-floor placement of the BEV battery pack gives the UX 300e a natural performance advantage, as do standard rear Performance Dampers.

    For even more refined dynamics, body rigidity was strengthened with the addition of 20 spot welding points, and the Electric Power Steering (EPS) and shock absorbers were optimally tuned for the all-electric model.

    When it comes to advanced technology, functionality of the “Lexus Safety System +” active safety technology was expanded with the aim of providing a safer and more secure driving experience.

    In addition, the latest multimedia system brings a larger, higher resolution touch panel display, the form and switch layout of the instrument panel and console area have been optimized, and two new Type-C USB connectors have been added to the front of the console for improved usability when charging devices.

    The UX 300e takes full advantage of the electric powertrain configuration. As a unique BEV characteristic, it does not carry front-heavy objects such as an engine, allowing heavier components to be placed towards the center of the vehicle for optimum front/rear weight distribution and moment of inertia.

    The low center of gravity provided by the underfloor battery pack and the rear Performance Dampers complement these attributes to refine the dynamics and enhance the sense of connection between the car and driver.

    The underfloor battery also acts as a sound barrier, and extra attention was focused on wind noise and road noise from gravel and other materials that became apparent in the absence of engine and transmission sounds. The result is a comfortable, quiet interior space.

    The newly developed battery pack extends cruising range by more than 40% to 450 km compared to the current model and achieves energy consumption of 166.7 Wh/km.

  • Nissan says goodbye to Russian markets

    Nissan says goodbye to Russian markets

    YOKOHAMA, Japan: Nissan Motor Co. Ltd says goodbye to the Russian markets after the discontinuation of productions and sales.

    Nissan’s Executive Committee has announced the sale of its Russian operations to NAMI, which is the Central Research and Development Automobile and Engine Institute.

    The press release issued by the company stated that, the sale will transfer all Nissan operations in Russia under the Nissan Manufacturing Russia LLC (NMGR) legal entity to NAMI for future passenger vehicle projects.

    This covers Nissan’s manufacturing and R&D facilities in St. Petersburg, and Sales & Marketing centre in Moscow, which will operate under a new name.

    READ MORE: Toyota stops car production in Russia

    The announcement follows the suspension from March of operations in the market. Under the new ownership of the NMGR entity, all of Nissan’s employees in the market will receive employment protection of 12 months.

    The sale is expected to be formalised in the coming weeks following approvals from the relevant authorities. The terms of the sale would allow Nissan the option to buy back the entity and its operations within the next six years.

    Nissan will take a one-off impact of approximately 100 billion yen from this exit. However, Nissan will maintain its full-year guidance. Details will be reported after further assessment as part of the regular disclosure during the second quarter results in November 2022.

    Nissan President and CEO Makoto Uchida said, “On behalf of Nissan, I thank our Russian colleagues for their contribution to the business over many years. While we cannot continue operating in the market, we have found the best possible solution to support our people.”

    Since Nissan assumed zero activity in the market in this fiscal year, Nissan remains on track to achieve its business objectives under the Nissan NEXT transformation plan, as the company progress towards its Ambition 2030 goals.

    READ MORE: Nissan Z GT4 unveiled; to be available from 2023

  • Pakistan car sales plunge 50% in 1QFY23

    Pakistan car sales plunge 50% in 1QFY23

    KARACHI: Pakistan’s car sales plunged by 50 per cent to 34,472 units during the first quarter (July – September) of 2022-2023, according to data released by Pakistan Auto Manufacturers Association (PAMA).

    The locally manufacturing of cars recorded 68,897 units in the same quarter of the last fiscal year.

    READ MORE: Pakistan car sales plummet by 50% on import restriction

    Major decline has been recorded in manufacturing of Pak Suzuki Motors, which fell by 57 per cent to 16,637 units during the first quarter of the current fiscal year as compared with 38,431 units in the same quarter of the last year.

    Indus motors recorded a dip of 52 per cent to 8,868 units during the quarter under review as compared with 18,646 units in the same quarter of the last year.

    The manufacturing of Honda Cars slipped by 39 per cent to 5,626 units in July – September 2022 as compared with 9,172 units in the corresponding period of the last year.

    READ MORE: Pakistan car sales drop 59% in July 2022

    However, Hyundai witnessed a jump of 34 per cent in manufacturing to 3,097 units during the first quarter of the current fiscal year as compared with 2,303 units in the same quarter of the last year.

    Analysts at Topline Securities said that Pakistan car sales (including sales of Non-PAMA members) clocked in at 13k units down 7 per cent MoM primarily due to unavailability of CKD parts which led to non-production days by auto manufactures in September 2022.

    Auto sales are also down by 51 per cent YoY amid escalating car prices, expensive auto financing, and low purchasing power of consumers. This takes 1QFY23 car sales to 34,472 units down 50 per cent YoY from 68,897 units in 1QFY22.

    READ MORE: Pakistan car sales surge 54 per cent in FY22

    All companies reported decline on MoM basis except for Pak Suzuki (PSMC) where sales were up by 52 per cent MoM due to low base as plant closure amid unavailability of CKD parts resulted in sales of 3,954 units in August 2022.

    Indus Motors (INDU) posted decline of 32 per cent MoM to 2,617 units in Sep-2022 from 3,876 units in Aug-2022. Honda Atlas Car (HCAR) also recorded decline of 29 per cent MoM to 1,280 units in Sep-2022 led by decline in sales of BRV by 79 per cent MoM.

    Hyundai sales also down 50 per cent MoM to 967 units in September 2022 led by decline in Tuscon sales by 62 per cent MoM.

    READ MORE: Toyota unveils all new Crown for first time

    Amongst Tractors, Millat Tractors (MTL) recorded decline of 75 per cent MoM and 72 per cent YoY to 638 units due to shutdown of plant for 23 days in September 2022 amid floods. Al Ghazi Tractors (AGTL) recorded sales of 1,511 units, up 6 per cent MoM while down 29 per cent YoY.

    Pakistan bike sales were down by 7 per cent MoM and 39 per cent YoY in Sep-2022. Atlas Honda (ATLH) recorded sales of 85K units, flat MoM while down 23 per cent YoY.

    Trucks & Buses sales were up 11 per cent MoM while down 25 per cent YoY to 378 units in Sep-2022 primarily due to drop in transportation activities amid floods and slowdown in overall economy.

  • Ford reveals Mustang GT race car

    Ford reveals Mustang GT race car

    BATHURST: Ford Motor Company revealed its first race prepared seventh generation Mustang, along with the 2023 Mustang GT ‘Gen 3’ Supercar at the Mount Panorama.

    The road-going variants of the seventh-generation Mustang were revealed in Detroit last month, with computer-generated images of the race cars shown at the same time.

    Ford’s challenger for the 2023 Australian Supercars Championship was shown in pit lane this afternoon, in a global first appearance of the seventh-generation Mustang in racing guise.

    The Gen3 Mustang GT Supercar more closely resembles its road-going counterpart, with production-based Coyote V8 engine, low roofline and long hood that makes Mustang the world’s favourite sports car.

    Mark Rushbrook, Global Director, Ford Performance Motorsports said, “It is fantastic to be able to show, for the very first time globally, the seventh-generation Mustang in racing form.”

    He added that, “The reveal of the Mustang Supercar is the first of many, with Mustang to race in GT3, GT4, NASCAR and NHRA competition globally.

    He also said, “Mustang has been an iconic brand on and off the track for 58 years and its legend will continue around the world. We always say Mustang was born to race, and that is more true today than ever. The Mustang GT Supercar is ready to race in 2023.”

    The Mustang Supercar has been built by Ford’s homologation team Dick Johnson Racing, in conjunction with Ford Performance, in preparation for the 2023 season when a new era of Supercars racing begins.

    “We’re very proud to be showing the world our new Mustang Supercar, and what better place to do it than at the Great Race here at Mount Panorama,” said Andrew Birkic, president and CEO, Ford Australia and New Zealand.

    He also said that, “It’s a special moment to be able to uncover this car in front of passionate Ford fans, alongside all of our Supercars drivers. It’s very fitting that Dick will take the car for its first laps this afternoon. He’s a legend of the sport, and an incredible ambassador for Ford.

  • Hyundai IONIQ 6 travels 614 km per charge

    Hyundai IONIQ 6 travels 614 km per charge

    SEOUL: Hyundai Motor Company declared that IONIQ 6 can travel 614 km (about 382 miles) in one time charge, according to the Worldwide Harmonized Light Vehicle Test Procedure (WLTP).

    The press release issued by Hyundai Motors stated that IONIQ 6’s superb all-electric range performance is made possible in large part by Hyundai Motor Group’s dedicated architecture for EVs, Electric Global Modular Platform (E-GMP), and the electrified streamliner’s ultra-low wind resistance.

    E-GMP delivers optimal electric performance and provides 800V ultra-fast charging from 10 to 80 percent in just 18 minutes and supports 400V charging without the need for additional components or adapters.  

    IONIQ 6 customers will benefit from Hyundai Motor Group’s commitment to develop advanced battery technology that enables stress-free driving performance and long range.

    With WLTP-rated energy consumption of 13.9 kWh/100 km, IONIQ 6 will be one of the most energy-efficient electric vehicles (EV) on the market when it goes on sale later this year in select markets in Europe and next year in North America. 

    “From the start of IONIQ 6’s development, we set our sights on making it the leading all-electric range EV,” said Jae Ho Huh, Head of Sub-Mid Project Management Center at Hyundai Motor Company.

    He also added that, “To become the global leader in electric vehicles, we are committed to providing the best possible EV performance and ownership experience.” 

    Having a platform specifically for EVs also means Hyundai Motor is better able to design vehicles to best meet passengers’ needs. With E-GMP, IONIQ 6 can be a workstation or a portable power bank on wheels, creating new usage scenarios to fit customers’ diverse, on-the-go lifestyles. 

    Hyundai Motor maximized IONIQ 6’s all-electric driving range through extensive aerodynamic design and engineering work. The vehicle’s drag coefficient of 0.21 is the lowest in the company’s vehicle lineup and one of the lowest in the industry.

    The model’s streamlined appearance and various design elements, such as an active air flap, wheel air curtains, integrated rear spoiler and wheel gap reducers, significantly enhanced IONIQ 6’s aerodynamics performance, placing it among the sleekest vehicles worldwide.

    In particular, wheel gap reducers minimize the empty space between the front bumper and tires to improve aerodynamic performance around the wheel wells.

    This Hyundai invention made it possible for the electrified streamliner to provide a longer wheelbase for passengers’ riding comfort while simultaneously overcoming the aerodynamics challenges caused by its short front overhang.

    “We put every effort into designing the most efficient car in the EV segment,” said Byung Hoon Min, Head of Total Vehicle Performance Development Center at Hyundai Motor Company.

     He also added that, “Our focus on improving aerodynamics helped to achieve one of the longest all-electric range vehicles available, which will reduce customers’ EV range anxiety and help grow the segment.”

  • Suzuki launches luxury scooter Burgman Street 125EX

    Suzuki launches luxury scooter Burgman Street 125EX

    JAPAN: Suzuki Motor Corporation launched the luxury scooter BURGMAN STREET 125EX, along with the Address 125 and the Avenis 125. The scooters were revealed in the world premier held at the INTERMOT Cologne International Motorcycle and Scooter Fair held in Cologne, Germany.

    The press release issued by Suzuki Motor Corporation stated that the three compact scooters are suited for everyday usage such as commuting to work or school. Sales of the three models in Europe will start from spring of 2023.

    The new BURGMAN STREET 125EX is a premium compact scooter for riders looking for a well-equipped scooter that can be ridden every day. The bike has a luxurious body design with refined details, and the front and rear light systems feature LED lights for better visibility.

    READ MORE: PSMC offers free WagonR registration amid sales slump

    It is the first Suzuki motorcycle to adopt the Suzuki Eco Performance Alpha (SEP-α) engine, which advances the technologies inherited from the powerful yet eco-friendly SEP engine, by adding the Engine Auto Stop-Start (EASS) system, which shuts off the engine automatically when stopping, and the Silent Starter System, which quietly starts the engine.

    The scooter also has features which improve daily convenience and comfort, such as a full-LCD instrument panel, footboards to extend the feet when cruising, and cut-away design at the rear of the floorboards to make it easier to get on and off the scooter.

    In addition, a range of genuine accessories are available, like a 27L large capacity top case, and grip heaters to keep your hands warm in cold climates.

    The new Address 125, sold in India from December 2019 as the Access 125, is the top selling model in the Indian domestic market. The body has a classic and urban styling, with LED headlights and position lights for better visibility.

    READ MORE: Suzuki Motor announces further plant shutdown in Pakistan

    The scooter realizes a relaxed riding position by adopting a flat and spacious floorboard and wide, comfortable seats. It also features theft deterrent key system, as well as utility features such as underseat storage, left front inner pocket, and USB outlet.

    The new Avenis 125 is a sporty scooter sold in India from January 2022. With a flowing, dynamic styling, the scooter features body-mounted LED headlights, dual LED rear combination lights, a rear brake lock which locks the rear wheels when stopped, and a full-LCD instrument panel.

    The lightweight chassis and SEP engine realize a nimble handling performance. The unique sporty two-tone seat with red stitching provides both good grip and easier footing.

    It also has the same utility features as the new Address 125, such as theft deterrent key system and USB outlet, as well as a covered front left compartment.

    READ MORE: Suzuki Pakistan launches new Alto VXR

  • Nissan Z GT4 unveiled; to be available from 2023

    Nissan Z GT4 unveiled; to be available from 2023

    YOKOHAMA, Japan: Nissan Motor Co., Ltd. and Nissan Motorsports and Customization Co., Ltd. (NMC) revealed the Nissan Z GT4, based on the new Nissan Z. The vehicle will be available for the deliveries in 2023.

    The press release issued my Nissan Motors stated that, GT4-spec racing machines are based on production vehicles, modified for severe competition use. To that end, NMC’s NISMO Racing Division took the street version of the new Z – which is receiving acclaim around the world – and tuned the VR30DDTT engine, optimized its chassis and suspension, enhanced its aerodynamics to the limit of regulations and created a cockpit that works for drivers of all types.

    READ MORE: Ferrari launches its first ever four-door car

    This created a race car that is a Nissan Z in all aspects – accessible to enthusiast drivers and hard-core professionals.

    “Motorsports for Nissan is an expression of our passion and unrivaled expertise. The Nissan Z continues to maintain its position as an exciting sports car that fascinates drivers with its driving dynamics and flexible powertrain,” said Nissan COO Ashwani Gupta.

    He also added that, “We are confident that this track-ready GT4-category Nissan Z will be ready to write another chapter in the Nissan Z’s 50-plus-year legacy of speed.”

    READ MORE: Ford unveils seventh generation of Mustang

    The Nissan Z GT4 was developed at NISMO’s engineering facilities, at multiple track-test sessions and also as a test-entry vehicle which participated in the Fuji 24 Hour Race in June, as well as additional Super Taikyu Series events at Motegi and more.

    Detailed vehicle specifications will be announced at the 2022 SEMA show in the United States, November 1 – 4. Vehicles deliveries will begin in the first half of 2023.

  • Honda suspends car production in Pakistan

    Honda suspends car production in Pakistan

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Monday announced to suspend production due to prevailing economic conditions in the country.

    In a communication received by Pakistan Stock Exchange (PSX), the car manufacturer stated that considering the current economic situation of the country, the government had restored to stringent measures including minimizing the import of Completely Knocked Down (CKD) kits and raw materials, the company’s supply chain had also been disrupted by such measures.

    READ MORE: Indus Motors to increase car prices to pass cost impact

    “As a result, the company has also to rationalize its production and ultimately to shut down its plant from October 04, 2022 to October 11, 2022,” the company added.

    Prior to this, other car manufacturers have also stop production due to same reasons.

    Honda Atlas Cars (Pakistan) Limited is a joint venture between Honda Motor, Japan, and the Atlas Group, Pakistan.

    READ MORE: PSMC offers free WagonR registration amid sales slump

    The Company was incorporated on November 04, 1992 and listed on Pakistan Stock Exchange Limited.

    The joint venture agreement was signed on August 05, 1993. The groundbreaking ceremony was held on April 17, 1993, and within a record time of 11 months, the construction and erection of machinery were completed.

    The first car rolled off the assembly line on May 26, 1994. The official inauguration was honored by the then President of Pakistan, Late Sardar Farooq Ahmad Khan Leghari.

    Nobuhiko Kawamoto, President of Honda Motor, Japan, and the late Yusuf H. Shirazi; Founder of Atlas Group were also present to grace the occasion.

    READ MORE: Toyota stops car production in Russia

    The Company enlisted on then Karachi & Lahore Stock Exchanges (now Pakistan Stock Exchanges) and Initial Public Offer (IPO) was made in November 1994.

    On July 14, 1994, car booking started at six dealerships in Karachi, Lahore, and Islamabad.

    Since then, the dealership network has expanded and now the Company has 37 3S (Sales, Service, and Spare Parts), 17 2S (Service and Spare Parts), and 5 1S (Spare Parts) authorized dealerships in Pakistan.

    All dealerships are constructed in accordance with the standards defined by Honda the world over.

    The Company started production in 1994, with the launch of the 5th generation of the Honda Civic in Pakistan.

    READ MORE: Ferrari launches its first ever four-door car

    Later on, the Company enriched the product line with the launch of Honda City in 1997 and Honda BR-V in 2017. The Company consistently increased production with the progress of the car market and to meet the growing customer demand.

    A major plant expansion was done in 2006 and the production capacity was increased to 50,000 units/ year.

  • Indus Motors to increase car prices to pass cost impact

    Indus Motors to increase car prices to pass cost impact

    KARACHI: Indus Motors, the maker of Toyota cars in Pakistan, is likely to increase prices to pass on the cost impact to consumers.

    The company management said in corporate briefing session on Tuesday.

    READ MORE: PSMC offers free WagonR registration amid sales slump

    Regarding car prices, management informed that company has to increase price to pass cost impact to consumers as current car prices are not sustainable at exchange rate of over Rs230. They highlighted, current car prices are set at dollar rate of around Rs210-215, according to analysts at Topline Securities.

    The company conducted the briefing to discuss its FY22 financial results and company outlook.

    Company expect at-least 40 per cent decline in volumetric sales in FY23 amid higher car prices, hike in interest rates, strict auto financing rules, recent floods and restriction on Completely CKD imports.

    READ MORE: Toyota stops car production in Russia

    To note, INDU is currently running at production capacity of around 40 per cent-45 per cent, the analysts added.

    To note, at the current production level i.e. 40-45 per cent, INDU’s order book is filled for next 4 months. 

    Pakistan car sales increased by 51 per cent YoY to 379,350 units in FY22 out of which INDU car sales clocked in at 75,611 units, up 31 per cent YoY. Used car imports clocked in at 28,122 units in FY22, up from 21,239 units in FY21.

    READ MORE: Ferrari launches its first ever four-door car

    Management stated that higher FED and Sales Tax from Jan-2022 along with 1 per cent CVT on 1300cc+ from Jul-2022 and increase in Advance Income Tax has also led to higher vehicle prices.

    With regards to recently announced refund policy, management informed that around 800-1,000 clients cancelled their booking and got their cash back along with interest amount. 

    Investment plan of US$100 million for local production of HEV vehicles is on track; where company is expected to launch its variant next year in 2023.

    READ MORE: Ford unveils seventh generation of Mustang

    Net sales in FY22 increased by 54 per cent to Rs276 billion from Rs179 billion in FY21 while profit after tax only increased by 23 per cent YoY to Rs15.8 billion from Rs12.8 billion due to rupee devaluation against US dollar and imposition of super tax.

    Gross margins declined to 6.7 per cent in FY22 from 9.3 per cent in FY21 primarily on account of rupee devaluation against US dollar, increased freight charges and higher commodity prices.

    To note, these are lowest margins in last 10-Years. Management highlighted that gross margins will remain depressed in FY23.