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Articles for tag: Automobile industry, automotive, Government, industry, requires, support, urgent

April 23, 2024

News Desk

The automotive industry requires urgent government support

LAHORE: The local auto industry has urged the new government to implement immediate measures to support the industry and restore investor confidence in Pakistan. “Currently, as many as 13 local brands collectively produce over 40 models with a total capacity of 500,000 units annually,” said Abdul Rehman Aizaz, President of the Pakistan Association of Auto Parts & Accessories Manufacturers (PAAPAM). However, he noted, the significant increase in used car imports poses serious challenges to the viability of the local auto industry, which has invested about $2.5 billion and contributed about Rs400 billion in taxes in FY2022 alone. He regrets that

March 20, 2024

News Desk

The car industry was forced to cut prices

KARACHI: Auto industry experts say a combination of factors, including weakened purchasing power, heavy taxation, rampant inflation and currency depreciation, have forced car companies to cut prices. This move, while reducing margins, benefits customers and provides support to the struggling industry. Expressing frustration over poor economic policies, market analysts told The Express Tribune that the recent government decision to increase sales tax on vehicles with engine sizes of 1,400 cc and above and those priced above Rs 4 crore, from 18% to 25%, negatively affected the automotive sector. They point out that this increase in sales tax, imposed by the

February 21, 2024

News Desk

US and EU protectionism on China’s cars harms their long-term growth

BEIJING: Trade protectionist measures taken by the United States and Europe will harm their own long-term development and burden the world’s progress and prosperity, a Chinese Foreign Ministry spokesman said here on Tuesday. It has been reported that the United States is considering restricting imports of Chinese smart cars and related components through non-tariff means. The EU has launched an anti-subsidy investigation into electric car imports from China. In response, spokesman Mao Ning told a daily news briefing that division of labor and mutually beneficial cooperation are distinctive features of the automotive chain. Also read: China’s Geely launches 11 low-orbit

January 17, 2024

News Desk

Chinese automakers embrace export boom with own shipping fleets

SHENZHEN: “BYD EXPLORER NO.1”, a vehicle transport ship leased to Chinese automaker BYD, held its maiden voyage ceremony on Monday at a port in Shenzhen, south China’s Guangdong Province. With more than 5,000 new energy vehicles (NEVs) on board, she will set sail for the ports of Vlissingen in the Netherlands and Bremerhaven in Germany. It is the first vessel in BYD’s shipping fleet, which has joined a number of Chinese automakers in accelerating car exports by operating their own shipping fleets. According to China International Marine Containers (Group) Co., Ltd. (CIMC), the vessel was built by CIMC Raffles, a

November 29, 2023

News Desk

Honda unveils its first electric motorcycle

KARACHI: Chief Officer of Motorcycle and Power Products at Atlas Honda, Noriaki Abe, unveiled Honda’s inaugural electric vehicle (EV) motorcycle, the Honda BENLY-e, as part of the celebration of Atlas Honda’s 60 years of operations in Pakistan. The unveiling took place during a ceremony at Atlas Honda’s Sheikhupura plant and was attended by Shinji Aoyama, Executive Vice President and COO of Honda Motor Company and Toshio Kuwahara, President and CEO of Asian Honda Motor Company, according to a press release on Tuesday. Abe stated that the Honda BENLY-e will undergo trial marketing and future products will be developed based on

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