Bike manufacturer Atlas Honda notified a hike of up to Rs15,000 in the prices of its two-wheelers, with new rates coming into effect from November 1, said dealers on Monday.
Following the revision, the price of Honda CD 70 will rise by Rs5,000 to Rs121,500.
Similarly, the CD70 Dream variant will now be available at Rs129,900 following a surge of Rs5,400.
Atlas Group exports auto parts worth $2m, 12,000 bikes in 6 months
The Pridor model will now be sold at Rs161,900, after an increase of Rs6,000. The cost of CG125 saw an increase of Rs6,000 and it will now sell at Rs185,900.
The rate of CG125S has been hiked by Rs9,000 to Rs219,500. The price of Honda CB125F has increased to Rs283,900, following a hike of Rs10,000.
The CB150F and CB150 SE models witnessed upward price revisions of Rs15,000 each. The new rate of CB150F is Rs353,900 while the CB150 SE will now sell at Rs357,900.
Atlas Honda increases motorcycle prices by as much as Rs15,000
Speaking to Business Recorder, Association of Pakistan Motorcycle Assemblers (APMA) Chairman Sabir Sheikh said that the automobile industry has been under severe crisis due to import restrictions put in place by the government.
According to him, Chinese motorcycle manufacturers were hit the worst because their sales fell by up to 80%.
“Sales of Suzuki and Yamaha bikes have also dropped by 20%,” he said. “So far, Honda is in luck as it has yet to see a drop in sales.”
Atlas Honda jacks up motorcycle prices by as much as Rs9,000
However, another industry source said prices of bike raw material such as steel have also witnessed a sharp hike due to government’s import restrictions.
In an effort to ease pressure off foreign exchange reserves, the government fixed import quotas for the automobile industry in May 2022 and manufacturers are now able to purchase just 50% of what it did from abroad.
Sources in the industry have stated that imposition of quota by the government has severely disturbed the supply chain of the industry. Moreover, they said that many auto parts vendors were unable to import their allowed quotas due to delays in opening of Letters of Credit (LCs) by banks and due to confusion over the change in procedure of opening them.
Sources also stated that lack of proper supply in the domestic market drove the prices of raw material upwards.