The Year of New Model Cars is 2021!
Pakistan's automobile sector is on its way to out weight its previous record as they announce launching the largest number of new cars in a year.
Pakistan’s automobile sector is on its way to out weight its previous record as they announce launching the largest number of new cars in a year. For the first time in the history of Pakistan, more than 15 new cars are going to be launched in a year which has set a new precedence for the automobile sector. Toyota announced Corolla X, United Motors revealed Alpha, and Changan has started taking orders for Alsvin and Proton X70.
It is predicted that new cars that are expected to reveal in March include Cross Corolla by Toyota, Elentra by Hyundai Nishat, and X25 by BAIC. Moreover, there is speculation that Swift by Pak Suzuki and electric vehicle ZS by MG is to be revealed in April.
Moreover, the pace of the automobile industry and the surge of the sale depends on the interest rates of the economy. Incase of low-interest rates, the sector witnessed a surge in sales, as these play a crucial role in raising the number. In the past six months, the auto industry has soared to an increase of 51 Billion Rupees. According to experts, if the discount rate stays stable or declines even further, the auto sector will witness a greater increase in sales.
Furthermore, there is a policy where new companies entering the country have to buy auto parts from local manufacturers, which would enhance the manufacturing of auto parts in the country. This year is being seen as the best for the industry.
New companies have forced the old original equipment manufacturers to introduce fresh models with better features, higher fuel efficiency, improved safety standards, and performance.
Overall, according to experts, the automobile sector is growing as a whole and car sales are expected to touch 200,000 in 2020.
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