Car Prices to Decrease as Govt Finally Approves New Auto Policy
The new auto policy has been approved, and car prices will gradually come down as a result, Prime Minister’s Adviser … Read More The post Car Prices to Decrease as Govt Finally Approves New Auto Policy appeared first on ProPakistani .
The government has recently approved a new auto policy, which is expected to lead to a decrease in car prices over time, according to Prime Minister's Adviser on Industries and Production Haroon Akhtar. The policy restricts carmakers from accepting more than 20% of a car's price as advance payment from buyers. At a press conference in Islamabad alongside Federal Information Minister Attaullah Tarar, Akhtar stated that the policy, which took years of consultations to finalize, aims to boost the country's auto exports from the current $200 million to $6 billion.
Akhtar emphasized that export growth had been lacking in the auto sector for the past decade, and this time, priority was given to policies that focus on boosting vehicle exports. Manufacturers that do not meet their export targets will face penalties. The drop in car prices will primarily benefit the middle and upper-income classes. To ensure that the quality of vehicles meets international standards, the policy includes 45 additional standards, positioning Pakistani-made cars among the best.
The government is also giving special attention to electric vehicles, recognizing their growing importance in light of recent regional tensions. The financing limit for electric vehicles has been increased to Rs. 10 million, and import duties on charging stations for electric vehicles have been reduced. Akhtar highlighted that the new policy aims to improve vehicle quality, reduce prices, increase the use of electric vehicles, and expand exports.
He also noted that large industries, with the auto sector playing a crucial role in large-scale manufacturing, are a top priority for the government.
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