Category: Automotive

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

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.

July 24, 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:

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

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

LIST OF VEHICLES RIPE FOR AUCTION SWH MARDAN

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

LIST OF VEHICLES RIPE FOR AUCTION SWH NOWSHERA

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

July 23, 2022

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

July 22, 2022
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.

July 21, 2022
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.

July 21, 2022
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…)

July 21, 2022
Chevrolet unveils all-electric 2024 Blazer EV

DETROIT: Chevrolet revealed the all-electric 2024 Blazer EV on Wednesday expanding the growing electric vehicle (EV) portfolio. The car makes the ownership more accessible and driving Chevy into the heart of the growing midsize electric crossover segment.

Multiple distinct trims, multiple range options — Including an available GM-estimated range of up to 320 miles on a full charge— and available front, rear- and all-wheel-drive configurations offer customers more choices, and a seamless EV experience designed to complement virtually every lifestyle.

Those choices include available 1LT, 2LT, RS and Chevy’s first-ever electric SS performance model, along with a pursuit-rated Police Pursuit Vehicle (PPV) model for police fleet applications.

Scott Bell, vice president of Chevrolet said that, “The 2024 Blazer EV sets a new tone for electric SUVs, with options and intuitive technologies that help position Chevy for leadership in one of the fastest-growing EV segments.”

He also said that, “Along with the all-new Silverado EV and Equinox EV coming next year, we are making great strides in offering more choices for zero tailpipe-emissions vehicles — choices that make switching to an EV easier than ever.”

The Blazer EV is based on GM’s innovative Ultium Platform with athletic styling that elevates the heralded design established in 2018 by the gas-powered Chevrolet Blazer, and performance cues inspired by the Camaro and Corvette.

With design and engineering developed to live up to the legacy of the iconic Super Sport performance designation, the Blazer EV SS offers customers the most powerful experience in the lineup.

It features an exclusive performance AWD propulsion configuration designed to produce up to 557 horsepower and up to 648 lb-ft of torque, and unique WOW (Wide Open Watts) mode enabling 0-60 sprints of approximately less than 4 seconds (based on GM estimates).

Additional Blazer EV highlights include:

Driving range options up to an available GM-estimated 320 mileson a full charge (depending on the trim)

11.5 kW level 2 (AC) charging and standard DC public fast-charging capability of up to 190 kW, depending on the model, which enables approximately 78 miles of range to be added in 10 minutes, per GM estimates

Large, intuitive 17.7-inch-diagonal customizable infotainmenttouchscreen

Full LED exterior lighting, with choreographed walk-up/walk-away animation on RS and SS models

Beautiful, spacious and sustainably crafted cabin made with soft-touch materials

Available Super Cruisehands-free driving technology for compatible roads

Advanced safety features intended to inspire confidence, including Reverse Automatic Brakingand Advanced Park Assist

July 20, 2022
Nissan launches all new X-Trail in Japan
YOKOHAMA, Japan: Nissan Motor Co., Ltd on Wednesday launched all new X-Trail which will be in sale from July 25, 2022 in Japan.

X-Trail went on to become a bestselling SUV and is widely viewed as an iconic Nissan. Over the years, Nissan has continued to evolve the X-Trail. The latest incarnation features leading-edge technologies, powerful performance and a level of equipment that only a genuine SUV offers.

READ MORE: Pakistan’s import of CBU motor cars surges by 21% in FY22

The fourth-generation X-Trail maintains the “tough gear” concept from the first-generation model with an even greater focus on quality. The second-generation e-POWER electric powertrain system and e-4ORCE electric-drive all-wheel control technology raise the bar for its class. As an authentic SUV that combines tradition and innovation, the all-new X-Trail provides excitement in a wide range of scenarios, ranging from daily use to exciting outdoor adventures.

Ashwani Gupta, Nissan’s chief operating officer said, “As announced in Nissan Ambition 2030, Nissan aims to drive towards a cleaner, safer, and more inclusive world through our products and services”.

READ MORE: Prices of KIA Motors raised up to 19.3% amid rupee devaluation

“With this in mind, we are electrifying major models, with the X-Trail for the Japan market becoming a dedicated e-POWER model with e-4ORCE an option. The new X-Trail will play an important role in leading our electrification” he said.

e-POWER and VC-Turbo engine provide powerful yet quiet acceleration
The all-new X-Trail features a completely redesigned platform that reduces body weight while increasing rigidity. A high level of cabin quietness has been achieved by insulating against road and powertrain noise.

READ MORE: Rolls-Royce, Hyundai signs pact to lead advanced air mobility market

The X-Trail comes equipped with the second-generation e-POWER system, which features improved power, smoothness and quietness. The system’s gasoline engine, the world’s first mass-produced variable compression ratio engine, serves as a generator to produce electricity. Specifically tuned for the e-POWER system, the VC-Turbo engine significantly improves output even at low revs. The combination of e-POWER and the VC-Turbo engine provides a powerful driving experience and unparalleled quietness, while maintaining high fuel efficiency.

e-Pedal Step reduces the need to apply the brakes by providing deceleration when the accelerator pedal is released. The function provides increased peace of mind and smoother driving on city roads, slippery surfaces and downhill slopes.

READ MORE: Global car manufacturers agree to introduce electric mini-commercial vans

e-4ORCE changes the view of 4WD
The 4WD X-Trail is equipped with e-4ORCE, which integrates Nissan’s electric propulsion and 4WD control technologies with its chassis-control technology for a huge leap in acceleration, cornering and braking performance. e-4ORCE raises driving performance and confidence on a wide variety of road surfaces, while providing a supremely comfortable onboard experience for all occupants.

e-4ORCE delivers:
- Intuitive driving: Instantly assessing the road surface and vehicle condition, e-4ORCE precisely controls the driving force and braking of the front and rear twin electric motors to maximize tire frictional force. This ensures smooth cornering and boosts driving confidence.
- Confidence on all kinds of road surfaces: By always ensuring optimal traction, e-4ORCE minimizes wheel slippage and enables smooth starting and driving, even in slippery conditions.
- Ride comfort for all: When decelerating, the front and rear motors control regenerative balance to stabilize the vehicle’s movement, ensuring a smooth ride for driver and passengers alike.
- Powerful, smooth output: The high-output motors respond instantly to accelerator pedal pressure, delivering powerful yet smooth acceleration that makes merging onto expressways easy.
READ MORE: Pakistan car sales surge 54 per cent in FY22

Advanced technologies
The all-new X-Trail features a wide range of safety technologies that support driving in a variety of conditions.
- Nissan Safety Assist 360 utilizes cameras, radar and sonar to constantly monitor the vehicle’s surroundings and can take safety steps if necessary.
- An SOS call service can provide assistance in the event of an emergency.
- An adaptive LED headlight system enables use of the high beam in conjunction with the low beam to illuminate surrounding areas even when there are preceding or oncoming vehicles.
- Navi-link has been added to ProPILOT, Nissan’s autonomous drive technology designed for highway use in single-lane traffic. ProPILOT with Navi-link reduces the frequency of driver operations by supporting vehicle speed changes in line with posted speed limits, as well as deceleration support for curves.
- ProPILOT Park controls the steering, accelerator, brakes, gear shift and the parking brake for precise, safe parking in a wide variety of situations.
Sturdiness and premium quality
- The all-new X-Trail’s exterior raises the bar for SUVs by combining the “tough gear” legacy of the first-generation with even higher levels of quality. The headlamps have a two-layer structure, with the position lamps and turn lamps at the top and the main lamps below. The boomerang-shaped rear combination lamps use a delicate faceted pattern that conveys exquisite workmanship.
- The interior design gives a feeling of both toughness and premium quality. The center console has a bridge structure that includes a large cup holder and storage space. The console lid also functions as an armrest. Roll-down sunshades are installed on the rear windows to enhance interior comfort.
- The lineup features 12 body colors, including five two-tone options and Cardinal Red, which is inspired by the deep crimson hues of a rose. Four seat materials are available: black fabric, premium tan Nappa leather, Nissan’s exclusively developed Tailor Fit™ and Cell-Cloth^®, a water-repellant material that’s ideal for people who enjoy outdoor activities like skiing and marine sports.
User-friendly features
- The 12.3-inch Advanced Drive Assist Display has two display modes. The 12.3-inch NissanConnect navigation system in the center display has a voice recognition function that enables operation using everyday language and Amazon Alexa^*3 for greater convenience. The large 10.8-inch head-up display allows the driver to see information while watching the road.
- The luggage space is best-in-class and its large opening makes it easy to load and unload luggage.
- The Bose Premium Sound System is tuned exclusively for the X-Trail and provides a premium sound experience.
- The 100V AC power source has a maximum output of 1500W and can be used as an emergency power source.
July 20, 2022
Pakistan’s import of CBU motor cars surges by 21% in FY22

ISLAMABAD: The import of Completely Built Unit (CBU) motor cars into Pakistan has surged by 21 per cent in fiscal year 2021/2022.

According to data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the import of CBU motor cars increased to $310.41 million during fiscal year 2021/2022 as compared with $256.2 million in the preceding last fiscal year.

READ MORE: Prices of KIA Motors raised up to 19.3% amid rupee devaluation

In terms of rupee, the import of CBU motor cars posted a growth of 34.51 per cent to Rs54.67 billion during fiscal year 2021/2022 as compared with Rs40.65 billion in the preceding fiscal year.

The overall import of CBU vehicles registered an increase of 59.3 per cent to $616.39 million in the fiscal year under review as compared with $386.95 million in the preceding fiscal year.

The country imported CBU buses, trucks and other heavy vehicles worth $302 million and CBU motor cycles worth $4.12 million during the fiscal year 2021/2022.

READ MORE: Rolls-Royce, Hyundai signs pact to lead advanced air mobility market

On the other hand the import of Completely Knocked Down (CKD) motor cars recorded a massive growth of 52 per cent to $1.7 billion during fiscal year 2021/2022 as compared with $1.12 billion in the preceding fiscal year.

The overall import of CKD motor vehicles recorded an increase of 54 per cent to $2.44 billion in fiscal year 2021/2022 as compared with $1.58 billion in the preceding fiscal year.

Analysts believed that the import of CBU and CKD motor vehicles would fall in the current fiscal year due to high interest rates, regulatory measures and significant rise in prices of raw material in the international market.

READ MORE: Global car manufacturers agree to introduce electric mini-commercial vans

Analysts believed that amid continuous decline of the local currency against greenback, further price hike in car prices is imminent. “This would be the first time where we have seen the highest frequency (4x) of price increases by the auto industry in a fiscal year,” analysts at Insight Research said.

The main reasons are higher freight charges, abrupt movement in PKR/USD followed by launch of new model cars with lower localization which further add fuel to the price hike.

The localization policy started in 1987 and continued till 2004, which required compulsory localization for the automotive industry. However, automobile assemblers are still behind the required level of localization.

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

The major players including Indus Motors, Honda Car and Pak Suzuki have been assembling vehicles since 1992, but localization level of these assemblers are still very low despite their long presence in the market.

In such situation, it will difficult for new players to achieve high localization as older players are still far behind the required level of localization. Moreover, local auto parts manufactures are sensitive to PKR/USD parity as they are reliant on imported raw materials for production. Thus, making the end product expose to PKR devaluation.

The analysts said that higher interest rate environment, currency devaluation and auto financing hindrances may pose threat to demand going forward especially in low segment cars under 1000cc.

July 20, 2022
Prices of KIA Motors raised up to 19.3% amid rupee devaluation

KARACHI: Lucky Motors Corporation Limited (LMCL), the manufacturers of KIA Motors in Pakistan, has announced massive increase up to 19.3 per cent in car prices effective from July 19, 2022 due to sharp depreciation in rupee value against the US Dollar.

According to a press release issued on Tuesday, the car maker stated that due to continuous devaluation of the Pakistani Rupee to the US dollar the company was compelled to increase the prices of KIA products effective from July 19, 2022.

READ MORE: Rolls-Royce, Hyundai signs pact to lead advanced air mobility market

Following are the existing and revised prices of various models of KIA Motors:

Picanto MT has been increased by 19.3 per cent to Rs3.1 million from Rs2.6 million.

Picanto AT has been increased by 18.52 per cent to Rs3.2 million from Rs2.7 million.

Stonic EX has been increased by 1.8 per cent to Rs4.55 million from Rs4.47 million.

Stonic EX+ has been increased by 2 per cent to Rs4.85 million from Rs4.77 million.

Sportage Alpha has been increased by 16.82 per cent to Rs6.25 million from Rs5.35 million.

Sportage FWD has been increased by 15.19 per cent to Rs6.75 million from Rs5.86 million.

Sportage AWD has been increased by 13.99 per cent to Rs7.25 per cent from Rs6.36 per cent.

Sorento 2.4L FWD has been increased by 13.04 per cent to Rs7.80 million from Rs6.90 million.

Sorento 2.4L AWD has been increased by 12.29 per cent to Rs8.50 million from Rs7.57 million.

Sorento 3.5L has been increased by 12.29 per cent to Rs8.50 million to Rs7.57 million.

Carnival GLS PP has been increased by 9.57 per cent to Rs12.6 million from Rs11.5 million.

The company further said that price revision is effective from July 19, 2022 and would not be applicable to customers, who had already made full payment by July 18, 2022 as well as those customers whose PBO delivery commitments were of June 2022 or before.

READ MORE: Global car manufacturers agree to introduce electric mini-commercial vans

According to the terms and conditions the company said all customers who had paid the full amount and the same is realized in the LMC bank account till July 18, 2022 would qualify for existing ex-factory price. However, government taxes including withholding tax and capital value tax would apply as per the federal budget 2022-2023.

“All customers who are sales tax registered but not active will be charged further sales tax at 3 per cent as per new Finance Act, 2022. This further sales tax will be part of ex-factory price for such customers,” the company added.

July 19, 2022