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He further said the decision would cause an instant loss of millions of rupees to overseas Pakistanis, especially those who have already booked cars in advance and are holding them in Japan for shipments.
He added that it would also lead to a loss of Rs32 billion to national exchequers.
The ECC decision will let local assemblers monopolise the market, and thus leading to inflated prices and premium and black marketing, he believes. The decision has been taken to satisfy the strong lobby of local assemblers and without taking dealers into confidence, Shahzad alleged.
The decision will deprive local consumers of good quality car with many safety features at an affordable price, he said.
Total 56,000 used cars were imported in FY12 as against 20,000 in FY11 due to the relaxation of the age limit. Because of availability of cheap import substitutes and rising inventory levels in the market, sale of locally assembled units dipped 31 percent to 40,000 units in the four months of the current fiscal year as compared to 59,000 units in the same period last year.
“The development bodes well for the local automobile industry. The move will also enable them to pass on the cost pressures,” said Zeeshan Afzal, an auto analyst at Topline Securities (Pvt.) Ltd.
He further said the decision would cause an instant loss of millions of rupees to overseas Pakistanis, especially those who have already booked cars in advance and are holding them in Japan for shipments.
He added that it would also lead to a loss of Rs32 billion to national exchequers.
The ECC decision will let local assemblers monopolise the market, and thus leading to inflated prices and premium and black marketing, he believes. The decision has been taken to satisfy the strong lobby of local assemblers and without taking dealers into confidence, Shahzad alleged.
The decision will deprive local consumers of good quality car with many safety features at an affordable price, he said.
Total 56,000 used cars were imported in FY12 as against 20,000 in FY11 due to the relaxation of the age limit. Because of availability of cheap import substitutes and rising inventory levels in the market, sale of locally assembled units dipped 31 percent to 40,000 units in the four months of the current fiscal year as compared to 59,000 units in the same period last year.
“The development bodes well for the local automobile industry. The move will also enable them to pass on the cost pressures,” said Zeeshan Afzal, an auto analyst at Topline Securities (Pvt.) Ltd.
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