After following Honda and Toyota, Al-Haj FAW motors has also increased prices to account for the recent rupee devaluation against the US Dollar. This is done in an effort to transfer some of the adverse effects to the market. The somewhat popular FAW V2 has been made expensive by Rs 85,000 and the FAW carrier, a rival of Suzuki Ravi, has been jacked up by Rs 70,000. The mini MPV by FAW, the XPV, has been made expensive by as much as Rs 70,000. Prices are expected to increase again in the next few months probably at the start of the New Year.
The FAW motors is the last one to follow the trend of increasing prices after the devaluation of rupee. This is due to increased cost of production owing to the increase in spare parts prices that are directly imported and the increase in the prices of raw materials used for manufacturing local parts. The increase in prices will be implemented from 1st November.
The increase in prices is not only confined to the car manufacturers but also includes bike manufacturers which have also indicated price hikes from next month. This puts a huge amount of inflationary pressure on the economy and adversely affects the automobile and bike markets in Pakistan.
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