MG JW Automobile has increased the price of MG HS Essence, the locally assembled variant of the crossover SUV, up to Rs. 13 lacs. In a notification, the company said despite extensive currency devaluation, MG hasn’t increased the price of MG HS Essence since launch in 2022. “However, the price increase is now inevitable due to imposition of 18% Sales Tax in addition to forex impact,” the company added.
The company has increased the prices in two stages.
New Price of MG HS Essence
- The new price for consumers with delivery time of February/March 2023 is Rs. 6,999,000 compared to Rs. 6,899,000, meaning they have to pay extra Rs. 100,000. These vehicles to be invoiced from February 14, 2023 onwards.
- Meanwhile, the new price on all new orders and delivery time in April 2023 is Rs. 8,199,000, meaning it observed a jump of Rs. 1,300,000.
The new prices are applicable from February 15, 2023.
Terms and Conditions
- The prices are ex-factory, per unit inclusive of all applicable duty and taxes.
- Any impact on prices due to changes in foreign exchange, government levies (including FED, fiscal policies, import policies, etc, will be paid by the customer.
- Price at the time of delivery will be final.
- The prices are exclusive of Withholding Tax, transportation, transit insurance charges, etc.
- For booking of April delivery on partial payment will be at 20% of new price, i.e., Rs. 1,640,000.
Is there any check on Price of local manufactured vehicles. Despite being manufactured here, prices are too high as it seem to be imported ones. There is a need to have a systematic approach to calculate car value (wrt parts being imported and being manufactured locally ) and own wish and will and follow foot prints of others shouldn’t be a precedence. But the question is who’ll bell the cat. !
When you increase prices in such a short span of time without the increase of consumer savings or income . The demand for the car will drop substantially and the result will be the closure of these manufacturering plants .They have no economies of scale .Simply import new & old cars and spare parts from India they have economies of scale . Saving huge transportation cost . Pakistani automobile sector manufacturers are not viable for further production they don’t have depth and products (Different brands and variety ) .Its matter of time they have to stop operations.