April 27, 2023
ISLAMABAD – Pakistan has withdrawn regulatory duties on the import of used cars of up to 1,800cc, mobile phones and other items that is expected to bring
April 27, 2023
Pak Suzuki’s woes continue with the announcement of another NPD (non-production days) schedule as the company battles with depleting inventory levels due to the restrictions on imports imposed by the government. This is overall the 7th NPD schedule announced by the company within the conclusion of the first 4 months of this calendar year. Pak Suzuki began observing NPDs in August of last year taking the total number of NPDs since then beyond 70, the worst period after the COVID-19 lockdowns in year 2020. Suzuki Notice Apr In the latest notice sent to the Pakistan Stock Exchange (PSX), the company cited inventory deficiencies as the reason for its vehicle as well as motorcycle assembly plant shutdown, which will take place from May 2 to May 9, 2023. Pak Suzuki recently reported its highest-ever loss after tax (LAT) of Rs 12.91 billion in the first quarter of 2023. This further demonstrates the precarious situation of our import-dependent auto industry, as the country’s largest assembly plant appears to be battling for its survival. For assemblers, the lifeline seems to be there in the resumption of imports, which doesn’t seem to be a priority of the government considering the massive outflow of foreign reserves it will suffer as a consequence.
April 27, 2023
Toyota Indus Motor Company (IMC) Limited has posted a profit of Rs. 3.21 billion for the quarter that ended on March 31, the financial year 2022-23, down by 37.1 percent as compared to a profit of Rs. 5.11 billion in the same period last year. Toyota Indus Motor Company (IMC) Limited has posted a profit of Rs. 3.21 billion for the quarter that ended on March 31, the financial year 2022-23, down by 37.1 percent as compared to a profit of Rs. 5.11 billion in the same period last year. Advertisement Meanwhile, the car maker’s profit increased by 142 percent on a quarter-on-quarter (QoQ) basis, attributed to an improvement of 730 basis points in gross margins which resulted in an operating profit after two consecutive quarterly operating losses in FY22, according to Arif Habib Limited (AHL). Along with the result, the company has also announced an interim cash dividend of Rs. 24.4 per share. Net sales of the company decreased by 29 percent to Rs. 48.19 billion as compared to Rs. 68.2 billion primarily due to lower volumetric sales. The company faced additional challenges from massive inflationary pressures that adversely affected consumer purchasing power. Gross margins returned to the green zone following two consecutive quarters of negative gross margins, arriving at 6.3 percent as against -1.0 percent in the preceding quarter. This can be attributed to multiple price hikes during the quarter by the company to combat cost pressures, according to Ismail Iqbal Securities.
March 09, 2023
Alto has been Pak Suzuki Motor Company’s (PSMC) trusted weapon for dominating the local car industry since 2019. Although, it isn’t sharp enough to slay the beast that is the ongoing economic crisis. In January, Suzuki sold only 44 units of the Alto, making it one of the worst sellers of the month. Comparatively, it sold 3,864 units of Alto in December 2022. According to details, PSMC observed multiple non-production days (NPDs) in the past few months, which dampened sales of all of its cars.
March 09, 2023
Toyota’s first all-electric sedan, the bZ3 has started to roll off the production lines at the FAW-Toyota plant in China. Being left behind on the EV forefront, the bZ3 is so far Toyota’s only second pure electric vehicle after the bZ4X SUV. The bZ3 was jointly developed by Toyota and BYD as a result of their collaboration initiated in the year 2020. While the car has been designed by Toyota, its motor, electrical control system, and battery pack are sourced from BYD.
March 09, 2023
The all-new Shenlan S7 electric SUV has been unveiled to the media in China. Shenlan brand is a joint project between Changan, battery maker CATL, and technology giant Huawei, and is positioned above the base Changan brand and below the premium Avatr brand.
February 28, 2023
The autonomous test flight on Friday was conducted by MASC, an organization based in Kurashiki, Okayama Prefecture, mainly comprising aviation and automobile companies. The two-seater vehicle, measuring about 5.6 meters long and 1.7 meters high, takes off and lands vertically with its 16 propellers, according to MASC. On the day, the flying vehicle carrying two passengers climbed to an altitude of about 30 meters and flew a distance of about 400 meters during a test that lasted 3½ minutes. Flying cars are also being developed for use at the Osaka-Kansai Expo in 2025. To create “air cabs,” which would connect the venue with central Osaka City and other areas, MASC has also been conducting unmanned test fights in Okayama and Kagawa prefectures since 2021.
February 28, 2023
A recent Audi Abu Dhabi survey has revealed that 60% of UAE residents hope to buy a new or used car during this season’s peak, coinciding with Ramadan. Audi Abu Dhabi and YouGov, a UK-based research firm, surveyed over 1,000 residents aged between 18-50 years old. 33% wanted to buy a petrol-driven car and 13% an electric vehicle (EV). 14% weren’t clear about their choice
February 28, 2023
Auto spy, a Korean tipster, published the photos of Tesla’s upcoming small hatchback. The Model 3 RWD is currently the cheapest Tesla in the lineup. However, the upcoming model will become the new cheapest Tesla in the Automakers’ lineup. According to the details, the new entry-level Tesla will be the same size as the new Honda HR-V. In October 2022, CEO Elon Musk announced that the EV maker is working on a next-generation platform that would be half the price of the Model 3 and Model Y. A model priced around the equivalent of Rs. 6.6 million is expected to debut in 2023.
February 28, 2023
Samsung will supply AI chips for self-driving cars. The Korean tech giant’s customer will be the US-based semiconductor company Ambarella — a Tier-1 automotive supplier that develops high-accuracy video encoders. Ambarella has formed alliances with various tech companies to bolster its Advanced Driver Assistance Systems (ADAS) arsenal. Its latest partnership with Samsung will further diversify its array of offerings. The CV3-AD685 —Samsung’s first 5nm chip for Ambarella has an advanced Artificial Intelligence (AI) engine and an automotive-grade GPU. According to the details, the new chip supports Level 2+ to Level 4 autonomous driving software.