Pak Suzuki Motor Company (PSMC) has appealed to Prime Minister Shehbaz Sharif, urging him to refrain from implementing new or increased duties, specifically targeting vehicles up to 1000cc, in the upcoming budget. The company, along with other automobile manufacturers, has encountered substantial losses due to sluggish sales, burdensome taxes, and import restrictions.
As the largest manufacturer of passenger cars and light commercial vehicles in Pakistan, PSMC plays a vital role in contributing to the national exchequer. The company has emphasized the collective challenges faced by the automotive industry, shedding light on its own hardships as well.
PSMC has faced the most challenging period in its nearly four-decade-long history, reporting significant losses of Rs12.9 billion in the first quarter of the current year, largely attributed to economic uncertainties. To cope with the situation, the company has been forced to implement monthly “No Production Days” throughout the year. Furthermore, its dealers and vendors have been severely impacted, with some already ceasing operations and others on the verge of shutting down.
Considering the prevailing circumstances, PSMC has earnestly requested the government to refrain from introducing any new duties and taxes in the upcoming budget, particularly on vehicles up to 1000cc, which are crucial for ensuring affordability among the general public.