Wait is Over: Govt Announces New Auto Policy [Key Points]

The federal government has finally announced Auto Policy. Addressing a press conference, Federal Minister for Industries and Production, Khusro Bakhtiar shared the details of new policy. As per the minister, important points of the new policy are:

  • New Car Prices will be implemented in next 1-2 days
  • To end ‘ON Money’ culture, the buyer has to register the car on his/her name
  • Auto Sector will produce 375,000 new jobs
  • Auto Sector has capacity to produce 415,000 cars annually. Last year, Pakistan produced 164,000 vehicles
  • Prices of cars upto 850cc will reduce upto Rs105,000
  • Rates of 1000cc will decrease up to Rs146,000
  • Prices of Toyota Yaris, Honda City up to Rs125,000
  • Import duty on Electric Vehicles (EVs) will be reduced to 10% from 25% for one year
  • If the car manufacturer delay the car for over 60 days (2 months), the company will pay KIBOR + 3%
  • Auto Industry pays Rs350billion in taxes
  • Govt is developing Auto development and Export policy. The policy will not only focus on domestic market

Note: This is a developing story….

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