New car sales were at record low levels in November 2022.
IMC stated that if the current situation persists “some players may exit from the market,”
Source: https://carspiritpk.com/2023-dark-clouds-looming-auto-sector/
I believe it serves the local players - esp. IMC, Honda, and Suzuki - right for selling overpriced new cars with substandard features. They must serve the public, but at the moment they are acting worse than thieves, focusing too much on profit.
Customer is king in any market. If you ignore the customers, you are doomed to be bankrupted. This is a simple rule in business. The company executives here seem to have a brain of a five year old.
I for one will not feel sorry if these excessive profit mongers close down the operations for good. We will then have more liberty in buying used and new imported vehicles that are of much superior quality. If they have any ounce of intelligence, the local players should convert business from making cars (which they are clearly poor at) to making car parts and servicing cars.
What do you think about the plight of the local market?
