In an interesting turn of events Loads Limited CEO, Munir Karim Bana has asserted that prices of locally assembled cars are among the lowest globally, the statement is quite astonishing as recently the local car manufacturers have soared the rates of their vehicles.
While giving an interview to BR, Mr. Munir told that the cars are only manufactured in 35 countries world-over, and after comparing the price of locally made vehicles to other countries purely in terms of Dollars and excluding all other taxes, the car made indigenously was cheapest. He further elaborated that car makers in Pakistan pay high taxes and most of the money coming from car sale goes to pay the taxes imposed by the government, while our rupee is also getting devalued against Dollar.
The local auto industry has achieved a localization of up to 70 percent, which is indeed great, and this was all made possible due to the incentives in duties by the government in the auto policy. Localisation undoubtedly saves foreign exchange and promote industrialization, he added.
There is a dire need to increase the volume of cars Pakistani automaker produce annually, to acquire much higher localization as it will lower the prices of vehicles in the country further, said the CEO, Loads Limited.
It would be worth mentioning here that Loads Limited is establishing its new plant in Bin Qasim Industrial Park, Karachi to manufacture alloy wheels in Pakistan. This would be the first of its kind venture in the country.
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