ISLAMABAD: Sales of cars significantly declined after up to 29% increase in car prices in 2019.
According to details auto mobile industry suffered a 33% decline in sales and only managed to sell 32,504 units during previous year thus leaving the companies with no choice but to reduce their production due to low demand in the market.
According to experts the drop in sales was primarily due to the sharp depreciation of rupee against the US dollar and the imposition of several duties and taxes by the government on locally produced cars.
Some experts argue that due to fall in demand of cars prices should have been reduced. On the other hand auto experts argue that imposition of FED from 2.5% to 7.5% and devaluation of rupee are responsible for increasing car prices as 50% to 70% parts of locally manufactured cars are imported.
Auto dealers are uncertain about industry’s future in 2020. According to them If FBR and government did not change polices then auto industry can be forced to further reduce their production and terminate employees to cut their losses.
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