Pak Suzuki Motors Corporation(PSMC) has raised the prices of Motorcycles for the fourth time this year. The first rise in prices took place in January, the second in July, the third two months ago, and this is the fourth one.
The automaker has previously cited the devaluation of the local currency and COVID-19 causing supply disruptions as the reason for the price hike to cover operating costs. However, business has recovered in recent months after restrictions were lifted and the local currency appreciated, but prices continued to rise.
Notably, PSMC recorded a quarterly loss in the third quarter of 2020, making it its eighth consecutive quarterly loss. In addition, according to a monthly report by the Pakistan Automobile Manufacturers Association (PAMA), PSMC has recorded weak sales figures over the past two months, while Cultus, which is the flagship car of PSMC, reported a whopping 29% drop in sales per month compared to last year and 44% on yearly basis.
In the Motor Bike Segment, Atlas Honda remains the major player in terms of volume sold. PSMC, with its limited product portfolio and high prices, is still trying to establish itself as a strong competitor to Honda and Yamaha.
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