Following the price increase by several other well-known brands due to the depreciation of the Pakistani rupee against dollar, MG Motors Pakistan has upped the price of its HS and ZS models. The HS price has been increased to Rs 6,599,000, according to a notification.
According to the announcement, the price for full payment with November-December 2021 delivery has increased by Rs 200,000, making the new price for these customers Rs 5,949,000, up from the previous rate of Rs 5,749,000.
Meanwhile, for customers who pay in instalments and have a delivery date between November and December 2021, the price has been increased by Rs 500,000. It means the new price for them is Rs 6,249,000.
Furthermore, the revised price for new orders with a January 2022 Delivery Time is Rs 6,599,000, representing an increase of Rs 850,000 in the pricing.
MG ZS, the lowest priced model of MG Motors, will now be selling for Rs 4.4 million after an increase of Rs 300,000.
Price Hike Justification
There are numerous reasons behind this massive increase. It’s clear that not only Pakistan, but all over the world operational cost has increased and auto industry is facing a lot of difficulties.
And according to the MG Pakistan, the main concern is also the rising operational cost which along with Pakistani rupee depreciation against US Dollar, increases sea freight due to post pandemic congestion, freight charges within the country also increased due to high petroleum prices and another factor is chip shortage and hence increasing the chip price.
Previous Price Increase
With the addition of more features in MG HS Exclusive, MG Pakistan increased the prices back in May 2021. These were the added feature:
- Digital Instrumental Panel
- Digital Speedometer
- Trophy Monogram
- New Silver Exterior Colour
The company boosted the price of HS by Rs 300,000 as a result of these modifications, bringing it to Rs 5,749,000 from Rs 5,449,000.
Subsequently, all remaining automobile firms raised prices for the same reasons described above. This fresh round of price hikes has undoubtedly impacted the average consumer who has worked hard to acquire a new vehicle.
These price increases can be attributed to COVID-19’s aftershocks, as car markets around the world are still feeling the effects of the pandemic.