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  • Suzuki Motors extends plant shutdown in Pakistan

    Suzuki Motors extends plant shutdown in Pakistan

    KARACHI: Suzuki Motors on Thursday announced extension in plant shutdown due to inventory shortage for production of motor vehicles.

    Pak Suzuki Motors Co. Ltd. in a communication sent to Pakistan Stock Exchange (PSX), stated that the State Bank of Pakistan 9sbp) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide circular No. 09 of 2022 dated May 20, 2022.

    READ MORE: New prices of Suzuki cars in Pakistan from August 16, 2022

    “Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” the company said.

    Therefore, due to shortage of inventory level, the management of the company has decided to further extend the shutdown period of automobile plant from August 22, 2022 to August 26, 2022.

    Previously, the company announced to temporarily close the plant from August 18, 2022 to August 19, 2022.

    The company, however, said that motorcycle plant will remain operative. “Further update, if any, in this regard will be communicated accordingly,” the company informed the PSX.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan

    Suzuki Motors has announced new rates of its cars in Pakistan, which are applicable from August 16, 2022.

    According to Suzuki Ittehad Motors following are the new showroom prices of Suzuki cars in Pakistan.

    Following are the new rates of Suzuki Swift:

    1. Suzuki Swift GLX CVT, the decreased price is Rs3,760,000.

    2. Suzuki Swift GL CVT, the decreased price is Rs3,420,000.

    3. Suzuki Swift GL M/T, the decreased price is Rs3,180,000.

    4. Suzuki Alto VXL, the decreased price is Rs2,223,000.

    READ MORE: Indus Motors rebuts plant shutdown reports

    5. Suzuki Alto VXD, the decreased price is Rs1,976,000.

    6. Suzuki Alto VX, the decreased price is Rs1,699,000.

    7. Suzuki Wagon-R VXL, the decreased price is Rs2,564,000.

    8. Suzuki Wagon-R AGS, the decreased price is Rs2.802,000.

    9. Suzuki Wagon-R VXR, the decreased price is Rs2,421,000.

    10. Suzuki Bolan Van, the decreased price is Rs1,500,000.

    11. Suzuki Bolan Cargo, the decreased price is Rs1,487,000.

    12. Suzuki Ravi Euro II, the decreased price is Rs1,424,000.

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

    13. Suzuki Ravi W/O Deck, the decreased price is Rs1,349,000.

    14. Suzuki Cultus VXL, the decreased price is Rs3,024,000.

    15. Suzuki Cultus AGS, the decreased price is Rs3,234,000.

    16. Suzuki Cultus VXR, the decreased price is Rs2,754,000.

    17. Suzuki Jimny MT, the decreased price is Rs6,049,000.

  • New prices of Suzuki cars in Pakistan from August 16, 2022

    New prices of Suzuki cars in Pakistan from August 16, 2022

    KARACHI: Suzuki Motors has announced new rates of its cars in Pakistan, which are applicable from August 16, 2022.

    According to Suzuki Ittehad Motors following are the new showroom prices of Suzuki cars in Pakistan.

    Following are the new rates of Suzuki Swift:

    1. Suzuki Swift GLX CVT, the decreased price is Rs3,760,000.

    2. Suzuki Swift GL CVT, the decreased price is Rs3,420,000.

    3. Suzuki Swift GL M/T, the decreased price is Rs3,180,000.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan

    4. Suzuki Alto VXL, the decreased price is Rs2,223,000.

    5. Suzuki Alto VXD, the decreased price is Rs1,976,000.

    6. Suzuki Alto VX, the decreased price is Rs1,699,000.

    7. Suzuki Wagon-R VXL, the decreased price is Rs2,564,000.

    8. Suzuki Wagon-R AGS, the decreased price is Rs2.802,000.

    9. Suzuki Wagon-R VXR, the decreased price is Rs2,421,000.

    10. Suzuki Bolan Van, the decreased price is Rs1,500,000.

    READ MORE: Indus Motors rebuts plant shutdown reports

    11. Suzuki Bolan Cargo, the decreased price is Rs1,487,000.

    12. Suzuki Ravi Euro II, the decreased price is Rs1,424,000.

    13. Suzuki Ravi W/O Deck, the decreased price is Rs1,349,000.

    14. Suzuki Cultus VXL, the decreased price is Rs3,024,000.

    15. Suzuki Cultus AGS, the decreased price is Rs3,234,000.

    16. Suzuki Cultus VXR, the decreased price is Rs2,754,000.

    17. Suzuki Jimny MT, the decreased price is Rs6,049,000.

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

    Pak Suzuki has announced a temporary shutdown of its production plant due restriction on imports imposed by the government.

    In a letter to the Pakistan Stock Exchange (PSX) on Tuesday, Pak Suzuki Motor Co. Limited said that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKDs) vide Circular No. 09 of 2022 dated May 20, 2022.

    “Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” it added.

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

    The company further stated that due to shortage of inventory level, the senior management of the company had decided to temporarily shut down its production plant of automobile products from August 18, 2022 to August 19, 2022.

    However, motorcycle plant will remain operative, the company added.

  • Suzuki shuts down plant in Pakistan on import restriction

    Suzuki shuts down plant in Pakistan on import restriction

    KARACHI: Pak Suzuki has announced a temporary shutdown of its production plant due restriction on imports imposed by the government.

    In a letter to the Pakistan Stock Exchange (PSX) on Tuesday, Pak Suzuki Motor Co. Limited said that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKDs) vide Circular No. 09 of 2022 dated May 20, 2022.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan

    “Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” it added.

    The company further stated that due to shortage of inventory level, the senior management of the company had decided to temporarily shut down its production plant of automobile products from August 18, 2022 to August 19, 2022.

    However, motorcycle plant will remain operative, the company added.

    READ MORE: Indus Motors rebuts plant shutdown reports

  • Suzuki Motors warns plant shutdown in Pakistan

    Suzuki Motors warns plant shutdown in Pakistan

    KARACHI: Suzuki Motors Co. Ltd. on Thursday warned shutting down its production plant in Pakistan due to import restrictions.

    In a communication sent to Pakistan Stock Exchange (PSX), the auto manufacturer said that State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for import under HS Code 8703 category (including CKD) vide circular No. 09 of 2022 dated May 20, 2022.

    READ MORE: Indus Motors rebuts plant shutdown reports

    “Restrictions had adversely impacted clearance of import consignments of the company from the ports which might result in shutdown of the plant in near future,” the company said, adding that Pak Suzuki has stopped bookings of its products since July 01, 2022.

    The company further clarified that at present it had not plan to shut down the plant. “The production schedule of the company and any non-production days remain contingent on a number of external factors,” it said.

    READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation

    The company is actively monitoring its production and operations and is closely working with the government of Pakistan and the central bank to alleviate the present challenges.

    A day earlier, Indus Motors Company– the manufacturers of Toyota cars in Pakistan, also issued a statement in this regard.

    READ MORE: Toyota lowers July production in Japan

    The IMC said that the auto sector was facing unprecedented difficulties in its operations due to ongoing economic challenges and factors beyond the control of automobiles manufacturers.

    “The unprecedented devaluation of Pakistan Rupee (PKR), coupled with restrictions imposed by the State Bank of Pakistan (SBP) regarding prior LC approval for Completely Knocked Down (CKD) imports and continuing financing instability has radically impacted the auto industry,” the IMC said.

    The company clarified that as of today (July 27, 2022), there are no plans fixed for complete plant shutdown for more than two weeks in the month of August 2022.

    READ MORE: COVID-19 cases reported at Toyota work sites

  • Global car manufacturers agree to introduce electric mini-commercial vans

    Global car manufacturers agree to introduce electric mini-commercial vans

    TOKYO, Japan: Leading global car manufacturers have agreed to work towards the market introduction of mini-commercial van electric vehicles (BEVs) in FY 2023 to achieve carbon neutrality.

    In a statement issued on Tuesday, Suzuki Motor Corporation (Suzuki), Daihatsu Motor Co., Ltd. (Daihatsu), Toyota Motor Corporation (Toyota), and Commercial Japan Partnership Technologies Corporation (CJPT) announced that they have agreed to work towards the market introduction of mini-commercial van electric vehicles (BEVs) in FY2023 to achieve carbon neutrality.

    READ MORE: Toyota unveils all new Crown for first time

    Mini-commercial vehicles cover areas accessible only to them because of their small size and are important in supporting last-mile logistics. They have become widespread accounting for about 60% of the total commercial vehicle fleet, making them a type of vehicle capable of contributing significantly to the achievement of carbon neutrality if electrification advances.

    However, a major issue in promoting the electrification of mini-commercial vehicles is the increasing burden on society as a whole, including the higher vehicle costs associated with electrification, the costs related to charging infrastructure, and the charging time (downtime: a period when vehicles and cargo are stopped).

    READ MORE: Honda Motors to start pre-orders of ZR-V SUV by September 2022

    It is under these circumstances, to realize an affordable mini-commercial van BEV that meets the usage needs of commercial customers, CJPT will participate in the planning, and Suzuki, Daihatsu, and Toyota will jointly develop a BEV system suitable for mini-commercial vehicles by combining Suzuki and Daihatsu’s know-how in manufacturing mini vehicles with Toyota’s electrification technology.

    The mini-commercial van BEV developed by these four companies will be used by partners in social implementation projects in Fukushima Prefecture and Tokyo.

    Suzuki, Daihatsu, Toyota, and CJPT will continue to promote efforts to practically achieve carbon neutrality through the provision of sustainable means of transportation.

  • Pak Suzuki Motor declares Rs2.68 billion annual profit

    Pak Suzuki Motor declares Rs2.68 billion annual profit

    KARACHI: Pak Suzuki Motor Company Limited (PSMC) on Tuesday announced net profit of Rs2.68 billion for the year ended December 31, 2021.

    The company had declared a loss of Rs1.38 billion during the previous year, according to financial statement shared with the Pakistan Stock Exchange (PSX).

    Analysts at Arif Habib Limited attributed the massive surge in profit to improved volumetric sales which is 108 per cent year on year (YoY), increased car prices, higher other income as well as reduction in financial charges, given significant decline in borrowings.

    READ MORE: Pak Suzuki posts sharp 285pc growth in first quarter

    Alongside the result, the company also announced a final cash dividend of Rs6.50/share.

    The highlights of the financial results of PSMC revealed that during the fourth quarter (October – December) 2021 the net sales surged by 64 per cent YoY to Rs43.71 billion owing to significant jump in sales volume, which is 68 per cent year on year, together with upward revision in prices. This took financial year 2021’s topline to Rs160.08 billion up by 109 per cent YoY.

    READ MORE: Meezan Bank, Suzuki Motors sign MoU for car financing

    During the fourth quarter, the gross margins declined to 3.55 per cent as compared to 9.28 per cent or decline of 573 basis points in same period last year (SPLY) amid higher cost pressures emanating from substantial currency devaluation, around 4 to 5 times jump in freight costs, coupled with elevated input costs (mainly steel).

    READ MORE: TPL, Pak Suzuki sign agreement for auto insurance

    The same reasons kept the margins lower as compared to the last quarter or decline by 175 basis points. Together with this, swift’s production decline, mainly to pave way for the product’s new model, contributed further towards the suppressed margins on a quarter on quarter (QoQ) basis. This took calendar year 2021’s margins to 5.1 per cent compared to last year’s margins of 4.69 per cent, as augmented topline offset the impact of rising cost pressures.

    READ MORE: Pak Suzuki declares half year loss of Rs2.46 billion

    During the quarter, other income increased by 142 per cent YoY and 121 per cent QoQ to Rs933 million on the back of increased advances from customers, which generated higher interest income for the company. Similar trend was witnessed in calendar year ended December 31, 2021.

    During the year under review, the company booked effective taxation at 29 per cent.

  • Meezan Bank, Suzuki Motors sign MoU for car financing

    Meezan Bank, Suzuki Motors sign MoU for car financing

    KARACHI: Meezan Bank and Pak Suzuki Motor Company Limited have signed a Memorandum of Understanding (MoU) to offer Sharia-compliant car financing.

    Arshad Majeed, Group Head Consumer Finance, Meezan Bank signed the MoU with Aamir Shaffi, Executive Officer, Marketing and Sales, Pak Suzuki Motor Company Limited.

    READ MORE: Meezan Bank starts Islamic financing scheme for SMEs

    In an effort to ease access to Shariah-compliant car financing solutions, Meezan Bank will facilitate its customers with additional Residual Value features which will include affordable monthly rentals that will be lower than regular installments.

    Customers will be able to opt for a new vehicle option every three years through this Scheme on selected variants. In addition customers can also avail preferred delivery of Suzuki vehicles Suzuki Alto (VX & VXR), Suzuki Wagon R (VXR, VXL & AGS) & Suzuki Cultus (VXL & AGS) with free registration (excluding taxes) and buyback guarantee of up to three years as well as after-sales support services across Pakistan.

    READ MORE: Meezan Bank, Retailo sign agreement to finance youth

    Commenting on the occasion, Arshad Majeed, said: “Meezan Bank has always strived to offer affordable and accessible Shariah-compliant car financing solutions to its customers.

    “Through the Residual Value Module, we are making the process of car purchasing much easier for individuals and families, especially in the current scenario where prices of vehicles and interest rates are an increasing trend. We are pleased to partner with Pak Suzuki Motor Company Ltd. for offering preferred vehicle delivery that will boost the vehicle buying experience of our customers.”

    READ MORE: Pak Suzuki posts sharp 285pc growth in gross profit during first quarter

    Aamir Shaffi, while speaking at the occasion, said: “Residual Value Module will attract young generation and create customer trend to change the car every 2-3 years through RV financing, in which the customer can defer/postpone up to 50% of value amount of vehicle at end of financing period and enjoy the benefit of reduced rentals.

    “The scheme will enhance our brand image and help retain financing customers for life at Pak Suzuki Motor Company dealerships by providing them right market value with buyback guarantee up to 3 years based on car condition criteria.”

  • Pak Suzuki posts sharp 285pc growth in first quarter

    Pak Suzuki posts sharp 285pc growth in first quarter

    KARACHI: Pak Suzuki Motors Company Limited on Thursday announced an unprecedented growth of 285 percent in gross profit to Rs2.21 billion during the first quarter (January – March) of 2021.

    The company declared the gross profit of Rs573 million in the same quarter of the last year.

    The sales of the company sharply grew to Rs36.1 billion for the quarter ended March 31, 2021 as compared with Rs17.74 billion in the same quarter of the last year.

    With the higher sales, the distribution and marketing expenses of the company also increased to Rs710 million during the quarter under review as compared with Rs320 million in the same quarter of the last year.

    The company declared profit from operations at Rs1.12 billion during January – March 2021 as compared with loss of Rs1.32 billion in the same quarter of the last year.

    The net profit of the company was at Rs778 million during first quarter of 2021 as compared with net loss of Rs941 million in the corresponding quarter of the last year.

    The company declared earnings per share at Rs9.45 for the period ended March 31, 2021 as compared with net loss of Rs941 million in the corresponding period of the last year.

  • Pak Suzuki declares half year loss of Rs2.46 billion

    Pak Suzuki declares half year loss of Rs2.46 billion

    KARACHI: Pak Suzuki Motor Company Limited has reported a significant loss of Rs2.46 billion for the first half of 2020 (January to June), as per the financial results submitted to the Pakistan Stock Exchange (PSX) on Wednesday. This represents a 61.44 percent increase in losses compared to the Rs1.52 billion loss recorded in the same period last year.

    (more…)
  • TPL, Pak Suzuki sign agreement for auto insurance

    TPL, Pak Suzuki sign agreement for auto insurance

    KARACHI: TPL Insurance, Pakistan’s first Direct Insurance Company, has signed a Memorandum of Understanding (MoU) with Pak Suzuki, the country’s largest car manufacturing company to provide services of auto insurance.

    A statement on Tuesday said that following the partnership, Pak Suzuki customers can avail TPL Insurance’s services at any of the 168 Pak Suzuki authorized dealerships operating nationwide.

    Customers will have access to One Window Auto Insurance Solution offering tailored coverage backed by the fastest claim settlement ever offered in Pakistan, Online Policy Issuance, services and repair facilities at Pak Suzuki authorized 3S dealerships along with Value Added Services like Self Survey using the TPL Insurance Mobile App – all at extremely competitive rates for Pak Suzuki Customers.

    TPL Insurance’s Value Added Services include Drive Pro, Pakistan’s first Telematics Auto Insurance which lets users track driving scores based on driving metrics to spot areas for improvement, helping users drive smart and make the streets safer to drive on. The Self Survey feature enables customers to lodge claims instantly, update details of their vehicle and manage maintenance schedules. In addition to these services, customers can also Buy, Claim and Renew insurance directly through the TPL Insurance App.

    This partnership is in line with TPL Insurance’s strategy to evolve as a dominant player by exploring profitable niches through the deployment of cutting-edge technology. With disruption at its core, TPL Insurance continues to invest in platforms that will grow Insurtech in the country.

    Commenting on the occasion, Muhammad Aminuddin, CEO, TPL Insurance said, “Together with Pak Suzuki, TPL Insurance will cater to the evolving needs of the companies’ mutual customers by delivering quality coverage and disruptive insurance solutions. I am confident that this partnership will boost TPL Insurance’s footprint in the market by catering to our rapidly growing economy and the population’s increasing consumption of insurance services.”

    Masafumi Harano, Managing Director, Pak Suzuki said, “This is an ideal time for such initiatives in Pakistan as the importance of customer services is at an all-time high. We are confident to grow together and explore more transparent and creative solutions for customers.”