Carmakers Don’t Even Have a Copy of New Auto Policy

Pakistan's major vehicle manufacturers are currently without an official copy of the recently announced auto policy, despite the government's declaration of its approval. The Pakistan Automotive Manufacturers Association (PAMA) has penned a letter to the Ministry of Industries and Production (MoI&P), requesting a copy of the document.

PAMA Director General Razi-ur-Rahman expressed his appreciation for the ministry's announcement, deeming it a much-needed initiative. He specifically requested the association receive an official copy of the policy for the benefit of its members.

The automobile industry in Pakistan is set to adhere to the new policy's stringent regulations concerning vehicle prices, exports, and quality. PAMA represents the country's leading vehicle manufacturers, who will have to comply with the policy's new rules. The industry is currently relying on public statements rather than the actual policy document.

During a press conference in Islamabad, Haroon Akhtar, PM's Adviser on Industries and Production, stated that carmakers will not be permitted to collect more than 20% of a car's price as advance payment. He also mentioned that the policy aims to increase auto exports from $200 million to $6 billion, and manufacturers failing to meet their export targets will face penalties.

Additionally, the policy introduces 45 new quality standards and raises the financing limit for electric vehicles from Rs. 2 million to Rs. 10 million. The automobile prices are expected to gradually decrease under the new policy, according to ProPakistani's earlier reports.