Category: Automotive

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

  • COVID-19 cases reported at Toyota work sites

    COVID-19 cases reported at Toyota work sites

    Takaoka Plant in Toyota City, Aichi Prefecture, Japan: Toyota Motors Corporation on Tuesday announced COVID-19 cases reported at its work sites.

    In a statement the company said that this news may cause to people in the surrounding regions.

    The virus is an issue that has the potential to affect all Toyota locations and we are continuously working to further enhance our communication and health checks with staff at all locations.

    “Toyota is actively implementing measures to prevent the further spread of the virus and remain committed to provide timely updates as the situation requires,” the company added.

    The company shared the following information:

    Announced on July 26, 2022

    Location, Worksite

    Takaoka Plant in Toyota City, Aichi Prefecture, Japan

    Type of worker

    Line workers (a male in his 20’s, two males in their 30’s, a male in his 40’s, a female in her 30’s.)

    Affect to production operation

    Suspended operations on production line #1 at Takaoka plant for the second shift on July 26.

    Date tested positive

    July 24 and 25, 2022

    Last date at work

    July 23, 2022

    Date work site was disinfected

    July 25 and 26, 2022

    Announced on January 20, 2022

    Location, Worksite

    Tsutsumi Plant in Toyota City, Aichi Prefecture, Japan

    Type of worker

    Line workers (4 males each in their 20’s, 30’s, 40’s and 50’s.)

    Affect to production operation

    Suspended operations on production line #1 at Tsutsumi plant for the second shift on January 20.

    Date tested positive

    January 17, 18, and 19, 2022

    Last date at work

    January 17, 2022

    Date work site was disinfected

    January 17, 18, and 19, 2022

    Announced on January 19, 2022

    Location, Worksite

    Tsutsumi Plant in Toyota City, Aichi Prefecture, Japan

    Type of worker

    Line workers (ten males in 20’s, one male in 30’s, and three males in 40’s.)

    Affect to production operation

    Decided to suspend operations on production line #2 at Tsutsumi plant for the first shift from January 19 to 22.

    Date tested positive

    January 18 and 19, 2022

    Last date at work

    January 18 and 19, 2022

    Date work site was disinfected

    January 18 and 19, 2022

    Location, Worksite

    Tsutsumi Plant in Toyota City, Aichi Prefecture, Japan

    Type of worker

    Line workers (eight males in 20’s and 40’s.)

    Affect to production operation

    Production line #2 at Tsutsumi plant halted operation for the first shift on January 19.

    Date tested positive

    January 18, 2022

    Last date at work

    January 18, 2022

    Date work site was disinfected

    January 18, 2022

  • Honda Cars declares 29% fall in quarterly profit

    Honda Cars declares 29% fall in quarterly profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Tuesday announced a sharp decline of over 29 per cent recorded in its net profit for the quarter ended June 30, 2022.

    READ MORE: Honda to slash production on supply constraints

    The company declared Rs658.2 million profit after tax for the quarter ended June 30, 2022 as compared with Rs928.22 million in the same quarter a year ago.

    Honda Atlas Cars (Pakistan) Limited announced earnings per share (EPS) at Rs4.61 for the period under review as compared with EPS of Rs6.5 announced for the same quarter a year ago.

    READ MORE: Suzuki starts producing outboard motors with plastic collecting device

    The board of directors of the company in their meetings held on July 26, 2022 approved the results and recommended no cash dividend, bonus shares or right shares, according to financial results submitted to the Pakistan Stock Exchange (PSX).

    According to the financial results, the company declared sales of Rs30.24 billion for the quarter ended June 30, 2022 as compared with Rs21.764 billion in the same quarter a year ago.

    READ MORE: Hyundai announces second quarter financial results

    The cost of sales increased to Rs28.33 billion for the quarter ended June 30, 2022 as compared with Rs20.17 billion in the same quarter a year ago.

    This resulted in gross profit of the company at Rs1.92 billion as compared with same quarter previous year at Rs1.59 billion.

    The overall expenses of the company rose to Rs821 million for the quarter ended June 30, 2022 as compared with Rs231.25 million in the same quarter of the last year.

    READ MORE: Honda unveils all-new Civic Type R

  • Gwadar customs auctions motor vehicles on July 28, 2022

    Gwadar customs auctions motor vehicles on July 28, 2022

    KARACHI: Customs Collectorate, Gwadar has announced auction of motor vehicles that will be held on July 28, 2022 at Custom House, Gaddani.

    READ MORE: Peshawar Customs announces auction of motor vehicles on July 26, 2022

    The Collectorate will auction the following vehicles:

    1. Toyota Mark-X Car, Reg. No. AFR-2020, Chassis No. GRX121-1002780, Engine No. 3GR-FSE, Model: 2004.

    2. Mitsubishi Pajero, Reg No. JAR-248, Chassis No. LJ78-00151955, Engine No. –TE.

    3. Pajero, Reg No. JAA-983, Chassis No. CL0048VGJ400698.

    4. Hino Truck (06-Wheeler), Reg No. TTB-491, Chassis No. AK176-45387

    READ MORE: MCC Gwadar to auction motor vehicles on July 18, 2022

    5. Hino Truck (06-Wheeler), Reg No. TKN-647, Chassis No. FE8JLF-10064

    6. Hilux Surf, Reg No. BC8774, Chassis No. VZN215-0003887, Engine No. 5VZ-FE3378(3400CC), Model: 2003

    7. Corolla Axio Car, Reg No. AFT-789, Chassis No. NZE1G1-6127020, Model 2010

    8. Toyota Corolla Axio Car, Reg No. AME-854, Chassis No. NZE141-6110051, Model. 2008.

    9. Toyota Land Cruiser, Reg No. BD-7777, Chassis No.UZJI00-0145693, Model. 2003.

    READ MORE: Customs to auction NDP vehicles on June 8, 2022

    10. Toyota Hilux Surf, Reg No. 2BB-4433, Chassis No. VZN215-0004937, Model: 2003.

    11. Toyota Land Cruiser, Reg No. ABB-785, Chassis No. UZJI00-0154840, Model. 2005.

    12. Toyota Crown Car, Reg No. AFR-022, Chassis No: GRS182-0011883, Model: 2004.

    13. Daihatsu Mira Car, Reg No. BAP-403, Chassis No. L2758-2046046, Model: 2008.

    READ MORE: Lahore Customs to auction vehicles on May 26, 2022

    14. Toyota Crown Car, Reg No. QIIC-3989, Chassis No. QWS204-0002009, Model: 2008.

    15. Toyota Vitz Car, Reg NO: ATN-555, Chassis No. SCP90-5032180, Model. 2005.

    16.    Toyota Fielder Car, Reg No. JAB-118, Chassis No. NZE121-0171398, Engine No. INZ-Fe, Model, 2002.

    17.    Honda Civic, Chassis No. JHMFD-163095201118, Model 2009.

    18.    Toyota Land Cruiser Prado, Chassis No: VZJ95-0101986, Model: 2002.

    READ MORE: Customs Sukkur to auction huge lot of motor vehicles

  • Honda to slash production on supply constraints

    Honda to slash production on supply constraints

    TOKYO, Japan: Honda Motor Co has said it may cut production due to supply constraints and logistical issues.

    READ MORE: Suzuki starts producing outboard motors with plastic collecting device

    According to foreign media, the company said that two lines at Suzuka plant will reduce production by about 10 per cent this month and 30 per cent in early August this year.

    Another plant in Saitama prefecture may also cut production to 10 per cent next month.

    READ MORE: Hyundai announces second quarter financial results

    Auto manufacturers in China are unable to escape from the impact of shortage of semiconductors and COVID-19 lockdowns.

    Toyota Motor Corp said that its global production for August would be about 700,000 units, down roughly 18 per cent from its plans at the beginning of the year.

    READ MORE: Honda unveils all-new Civic Type R

    Honda adjusted its production plan in May but had said it would return to normal in early June.

  • FBR explains changes in advance tax on motor vehicles

    FBR explains changes in advance tax on motor vehicles

    ISLAMABAD: The Federal Board of Revenue (FBR) has explained changes made to advance tax on motor vehicles through Finance Act, 2022.

    The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments brought through Finance Act, 2022 to the Income Tax Ordinance, 2001.

    The FBR said that provision of section 231B of Income Tax Ordinance, 2001 was limited to private motor vehicles. The scope of withholding tax has now been enhanced though omission of the word ‘private’ from the heading and elsewhere in the section.

    READ MORE: Pakistan introduces automated system for withholding tax payments

    Further, an inclusive definition of motor vehicle has been provided in the substituted sub-section (7) of section 231B with following exclusions:

    (i) a motor vehicle used for public transportation, carriage of goods and agriculture machinery;

    (ii) a rickshaw or a motorcycle rickshaw and

    (iii) any other motor vehicle having engine capacity up to 200cc.

    READ MORE: Tax imposed on foreign payments made by exchange companies

    Except motor vehicles mentioned at i, ii and iii above, provision of section 231B will apply on motor vehicles of all makes and models irrespective of its private or commercial use by the end users.

    The FBR further said that the withholding tax amount required to be collected at the time of purchase or registration of motor vehicle has been enhanced with engine capacity of 1601cc and above.

    In cases of electric vehicles where engine capacity of a vehicle is not available and value of vehicle is rupees five million or more, the amount of tax collected will be 3 per cent of import value as increased by customs duty, sales tax and federal excise duty in case of imported vehicles or invoice value in case of locally manufactured or assembled vehicles.

    READ MORE: Minimum tax for commercial importers enhanced: FBR

    Rates of tax required to be collected at the time of transfer of registration or ownership of a motor vehicles have been provided in clause (2) in the Table in Division VII of Part IV of First Schedule of the Ordinance.

    A new proviso has been inserted whereby a vehicle in which engine capacity is not applicable (electric vehicles) and the value of said vehicle is rupees five million or more, then tax amount of rupees twenty thousand will be collected at the time of transfer of registration or ownership of such vehicle.

    READ MORE: Tax through electricity connections on retailers, service providers

    In case of a person not appearing in active taxpayer list, tax collectible under this section will increase by two hundred percent. Necessary change has been incorporated in rule 1 of Tenth Schedule of the Ordinance, the FBR added.

  • Peshawar Customs announces auction of motor vehicles on July 26, 2022

    Peshawar Customs announces auction of motor vehicles on July 26, 2022

    ISLAMABAD: The Collectorate of Customs (Enforcement), Peshawar has announced public auction of motor vehicles on July 26, 2022 at State Warehouses.

    Following are the auction details of motor vehicles:

    READ MORE: MCC Gwadar to auction motor vehicles on July 18, 2022

    LIST OF VEHICLES RIPE FOR AUCTION SWH GODOWN-E, PESHAWAR ON 26.07.2022

    S#Make & ModelChassis No.
    01Mercedes Benz (Bullet Proof) Model 1982WDB-12603312037551
    02Toyota Corolla Car Model 1987 (As per Website)CE90-3002413
    03Toyota Crown Car Model 2000 (As per Website)GS171-0001109
    04Toyota Hilux Pick Up Model 1990 (As per Website)LN130-0018395
    05Toyota Hilux 4Runner Pickup Model 1996 (As per Website)LN106-0146897
    06Suzuki Car Model 1997 (As per documents)ERC11S00200283
    07Toyota State Car Model 1990 (As per Website)CE96-0089577
    08Mitsubishi Pick Up Model 1986 (As per Documents)CNJK140HP00196
    09Toyota Fielder “X” Car Model 2002 (As per Website)NZE124-0018888
    10Toyota Fielder “X” Car Model 2000 (As per Website)NZE121-3021387
    11Toyota Corolla  Car Model 1993 (As per Website)CE106-0049233
    12Toyota Corolla  Car Model 1987 (As per Website)CE90-5002682
    13Toyota Corolla  Car Model 1985 (As per Website)EE80-0060788
    14Toyota Corolla  Car Model 1988 (As per Website)CE90-0023057

    READ MORE: Customs to auction NDP vehicles on June 8, 2022

    LIST OF VEHICLES RIPE FOR AUCTION SWH MARDAN

    S#Make & ModelChassis No.
    01Toyota State Car Model 1990 ( As per Website)CE96-0106153
    02Toyota Corolla Car Model 1992 (As per Website)CE100-3025153
    03Toyota Estate Car Model 1998 (As per Website)CE100-0073091

    READ MORE: Lahore Customs to auction vehicles on May 26, 2022

    LIST OF VEHICLES RIPE FOR AUCTION SWH NOWSHERA

    S#Make & ModelChassis No.
    01Toyota Fielder “X” Car Model 2004 (As per Website)NZE121-0318355

    READ MORE: Customs Sukkur to auction huge lot of motor vehicles

  • Suzuki starts producing outboard motors with plastic collecting device

    Suzuki starts producing outboard motors with plastic collecting device

    JAPAN: Suzuki Motor Corporation on Friday announced to start production of five mid-sized outboard motors equipped with the world’s first Micro-Plastic Collecting Device.

    The product will be available around the world including the major markets of North America and Europe.

    READ MORE: Hyundai announces second quarter financial results

    The press release issued on July 22, 2022 stated that huge amount of marine plastic waste that flow into the ocean has become a significant environmental issue in the recent years, and micro-plastics that are further crushed in the natural environment are concerned to have an impact on ecosystems.

    To tackle these issues, in October 2020 Suzuki announced the development of a Micro-Plastic Collecting Device which can be equipped to outboard motors. By installing this device to outboard motors, micro-plastics near the water surface can be collected simply by running the boat.

    READ MORE: Honda unveils all-new Civic Type R

    After the announcement, monitoring surveys were conducted in 14 countries, including Japan, the United States and Europe, and improvements were made to the device. In July 2022, 5 models (DF140BG, DF115BG, DF140B, DF115B, and DF100C) have started production with the device as standard equipment.

    The installation of this device on outboard motors is one of the three activities of the SUZUKI CLEAN OCEAN PROJECT, which is Suzuki’s commitment to address the marine plastics issue.

    Suzuki aims for the further improvement of marine environment and the realization of a sustainable society, by promoting the SUZUKI CLEAN OCEAN PROJECT, along with our customers all over the world.

    READ MORE: Pakistan reintroduces capital value tax on motor vehicles

  • Hyundai announces second quarter financial results

    Hyundai announces second quarter financial results

    SEOUL, South Korea: Hyundai Motor Company on Thursday announced its financial results for Q2 (second quarter) of 2022.

    The company’s revenue and operating profit from April to June rose 18.7 percent and 58 percent year-over-year to KRW 36 trillion and 2.98 trillion, respectively. 

    READ MORE: Honda unveils all-new Civic Type R

    During the three-month period, Hyundai Motor posted operating profit margin of 8.3 percent, and net profit, including non-controlling interest, increased 55.6 percent to KRW 3.08 trillion.

    Hyundai sold 976,350 units around the globe in the second quarter, a 5.3 percent decrease from the year earlier. Sales in markets outside of Korea were down by 4.4 percent to 794,052 units, and sales in Korea decreased 9.2 percent to 182,298 units. The decrease in sales volume mainly stemmed from the ongoing global chip and component shortage and geopolitical issues.

    READ MORE: Pakistan reintroduces capital value tax on motor vehicles

    A robust sales mix of SUV and Genesis luxury models, reduced incentives from a lower level of inventory, and a favorable foreign exchange environment helped lift revenue in the second quarter, despite the slowdown in sales volume amid an adverse economic environment.

    Hyundai’s EV model sales surged 49 percent from a year earlier to 53,126 units in the second quarter, accounting for 5.4 percent of its total sales volume. 

    The company maintains its financial guidance that was set in January for 13~14 percent of consolidated revenue growth and 5.5~6.5 percent annual consolidated operating profit margin.

    Hyundai Motor’s board today approved a plan to pay an interim dividend of KRW 1,000 per common share.

    READ MORE: Chevrolet unveils all-electric 2024 Blazer EV

    Hyundai to optimize business operations with electrification leadership around the world

    Hyundai Motor expects a gradual recovery from the global chip and component shortage. However, the company also anticipates external uncertainties to continue, including the supply chain disruption caused by the resurgence of a COVID-19 variant and fluctuation in raw material costs due to geopolitical issues.

    In addition, the company expects currency rate volatility as well as increasing marketing costs due to fiercer competition among automakers as a burden for the rest of this year.

    In order to cope with the uncertainties, the company will focus on the recovery of sales through an optimized production-sales plan in global operations that will enhance its product mix with SUVs and luxury models to secure robust profitability.

    In addition, Hyundai will continue to strengthen its global leadership position in electric vehicles with its new IONIQ 6 battery electric vehicle, which will launch in the third quarter.

  • Honda unveils all-new Civic Type R

    Honda unveils all-new Civic Type R

    TOKYO, Japan: Honda Motor Co., Ltd. on July 21, 2022, unveiled the all-new Civic Type R, which is scheduled to go on sale in Japan in September 2022.

    At the world premiere which was held online on Thursday, Honda unveiled the exterior and interior designs of the all-new Civic Type R and announced advancements made to the vehicle’s dynamic performance.

    Overview of the all-new Civic Type R

    Grand Concept – “Ultimate SPORT 2.0”

    By further advancing the concept of the predecessor model – Ultimate SPORT – the all-new Civic Type R was developed with a goal to achieve pure sports performance that attains the ultimate in speed and the joy of driving. The value proposition of the Type R is to realize both speed, which is the essential value of a sports model, and driving pleasure, which appeals to the emotion of the driver.

    Design

    Based on the Civic Hatchback, which has been well received in the market, low & wide packaging was further pursued to elevate driving performance for the Type R model. Moreover, a forward field of vision with a wide view of the road was featured with an aim to provide information directly to the driver even while driving at a high range of speed. 

    The exterior design team strived to create styling for both overwhelming speed and beauty. The wide fenders, which are integrated with the body, are shaped to flow beautifully from the side panels and enhance aerodynamic performance by controlling air flow that continues uninterrupted from front to rear. 

    As for exterior color options, in addition to Championship White, which has been an iconic Type R color, Sonic Gray Pearl was newly added to the lineup. 

    The interior design features red seats and floor carpets that lift the spirit of the occupants from the moment they open the door, and “noiseless,” black-toned interior panels that enable the driver to focus on driving. 

    The front seats are designed with a three-dimensional polyhedral form to firmly support the body so that the driver and front passenger can feel complete confidence even while driving on a racing circuit at the vehicle’s full potential. Moreover, the adoption of a suede-like seat surface material with a high friction coefficient reduced body slippage in high-G situations such as cornering and sudden acceleration/deceleration.

    As for the meter design, in addition to the standard display, +R mode-exclusive designs were adopted. Placing the primary focus on enabling the driver to instantaneously recognize necessary information during sporty driving, including on a racing circuit, the upper part of the meter displays key information such as the engine rpm, rev indicator and gear position indicator, while the lower part functions as a multi-information display that can show vehicle information selected by the driver. By adopting an illuminated rev indicator, the driver can obtain information intuitively without keeping close watch on the indicator, along with instantaneous visual recognition of the information and a stimulating meter design. 

    Dynamics

    The development team set three goals for the dynamic performance of the all-new Civic Type R: 1) “Fastest”, representing the pursuit of overwhelming speed and being the fastest FF (front engine/front-wheel-drive) vehicle by refining and perfecting every aspect of driving feel offered by the vehicle; 2) “Addictive Feel” representing the goal to achieve dynamics that make the driver feel “addicted” to driving the vehicle by offering a thrilling driving experience; and 3) “Secure Feel”, representing the goal to ensure high-speed stability and a complete feeling of trust.

    Fastest

    Aiming to realize an all-new Type R which outperforms all previous Type R models, the 2.0-liter VTEC Turbo engine designed exclusively for Type R was further refined to achieve higher output and responsiveness to the upper limit.

    Addictive Feel

    In addition to achieving the ultimate in speed, the development team strived to create a car that makes the driver passionate about driving the vehicle. To this end, a thrilling driving experience was pursued by refining drivability with highly-responsive handing developed with an aim to realize driving at the will of the driver, a throttle that reacts immediately to driver input, and also by further advancing a feeling of control of the 6-speed manual transmission and the rev match control system. 

    Secure Feel

    On the premise of ensuring highly-sophisticated design, aerodynamics was further advanced to achieve well-balanced downforce both front and rear and a reduction of drag. Moreover, the lightweight and highly rigid body contributes to the high stability of the vehicle at high speeds.

    Furthermore, through utilization of Honda LogR, which provides real-time information on the mechanical movements of the vehicle and vehicle behavior resulting from the driver’s input, the all-new Civic Type R will provide the driver with enhanced driving pleasure with a sense of oneness between the driver and the vehicle, which includes the sharing of driving videos and helping the driver improve their driving skills. 

  • Pakistan reintroduces capital value tax on motor vehicles

    Pakistan reintroduces capital value tax on motor vehicles

    KARACHI: The federal government of Pakistan has reinstated the Capital Value Tax (CVT) at a rate of one percent on the value of both locally manufactured and imported motor vehicles. This move marks the revival of a tax that was previously withdrawn in phases and ultimately abolished in 2020.

    (more…)