Indus Motor announces earning per share of Rs10.3

KARACHI: Indus Motor Company Limited (IMC), one of the leading auto manufacturers of the country, on Tuesday announced an earning per share of Rs10.3 for the first quarter of the year ended on March 31. However, the company did not announce any dividend or bonus shares, the company said in a statement.

The profit-after-tax for the period under review stood at Rs809.708 million, registering an increase of over 50 per cent against a profit of Rs403.203 million during the corresponding period last year, said the financial statement sent to the Karachi Stock Exchange.

Car-makers unveil production plan

KARACHI: Car-makers have unveiled an optimistic production plan to their vendors for April to August in view of on-going booming demand and orders in advance from buyers.
An extraordinary interest is being shown by buyers who are really not worried over surging prices, and many are even paying premium on spot buying.

Pak Suzuki, Indus remain primary growth drivers

Auto sales during March depicted an impressive performance, rising by 80 per cent on year-on-year basis and 8.0 per cent on month-on-month basis, according to the data released by Pakistan Automotive Manufacturers Association on Monday.

Auto sales during the first nine months of FY10 registered an increase of 34 per cent on year-on-year basis to touch 97,992 units. Pak Suzuki and Indus remained the primary growth drivers during the period under review.

Car-makers unlikely to cut prices despite threats of imports

KARACHI: The automobile assemblers are likely to stay resilient against Prime Minister Yousuf Raza Gilani’s recent warning that car imports will be liberalised if the local companies do not lower their prices, a brokerage house report said on Wednesday.

The automakers are more likely to throw the ball in the government’s court and demand incentives in the upcoming budget such as cut in import duty on complete knock down kits (CKDs) to lower car prices, a report from the KASB Research said.

Toyota faces record $16.4m fine

Largest ever in US against an automaker

WASHINGTON/DETROIT: Toyota Motor Corp faces a proposed $16.4 million fine from US regulators who said the automaker knowingly delayed a massive recall for defective accelerator pedals.

The civil penalty, the largest that the US Department of Transportation has ever sought, is the first official finding that the world’s largest automaker violated US safety regulations. Toyota can appeal the penalty.

“We now have proof that Toyota failed to live up to its legal obligations,” US Transportation Secretary Ray LaHood said in a statement. “Worse yet, they knowingly hid a dangerous defect for months from US officials and did not take action to protect millions of drivers and their families.”

Auto vendors seek cut in tariff on new cars

Say retail prices of cars in Pakistan 60-90pc higher than competing economies

LAHORE: Automobile experts have said that in order to reduce car prices in Pakistan, prime minister should reduce the tariff on new cars instead of allowing import of “junk in the shape of used-cars.”

They pointed out that prices of cars in Pakistan were high because the automobile industry in the country enjoyed high tariff protection that was given to them on the understanding that ultimately the manufacturers/assemblers would produce 100 per cent parts in Pakistan.

Shirazis transfer stake in Honda cars

KARACHI: The Shirazi family has transferred its 23 per cent shareholding in Honda Atlas Cars (Pakistan) Ltd to Shirazi Capital (Pvt) Ltd, KSE notification says on Monday.

“The move behind transfer of shares is to institutionalise the shareholding of individuals of Shirazi family into Atlas Group of Companies,” said an official of Shirazi Capital. According to a notification sent to KSE by the Shirazi Capital (Pvt) Ltd, the family has transferred its 22.77 percent (or 32,517,000 shares) holding in Honda Atlas Cars (Pakistan) Limited (HACPL) to Shirazi Capital (Pvt) Ltd (SCL). SCL is a private limited company wholly owned and managed by the Shirazi family as directors or CEO, notification added.

Auto financing picks up, but banks remain cautious

KARACHI: After a two-year gap, banks have started reviewing their policy on auto finance and have slightly increased auto financing with stringent conditions, said Atif Zafar, auto analyst at JS Research.

Car sales were improving and one of the reasons was that auto finance along with restoring economic confidence had reduced interest rates and seasonal effects, he added.

Auto finance was at its peak during 2006-2007 and its share in car sales was 70 per cent to 75per cent, however in the later years it was almost stooped due to higher interest rates, and most importantly, auto finance default rate was very high and recovery rate was very low which forced banks to do critical review of their auto finance product, he said.

Pak-Suzuki raises car prices by Rs15,000

 KARACHI: The Pak-Suzuki Motor Company Limited again raised prices of various models from Rs10,000 to 15,000 on Saturday.
On March 3, the company had raised prices of its newly-introduced Swift car by Rs50,000 to Rs1,049,000 from Rs999,999.

The new price of Suzuki Mehran VXR would be Rs529,000 as compared to Rs519,000 while Alto VXR rate will be Rs679,000 as compared to Rs667,000.

GM unveils electric concept car for mega cities

Choice of Shanghai for event highlights importance of China

SHANGHAI: General Motors unveiled a new electric concept car in China on Wednesday, aiming to burnish its image as a supplier of non-polluting cars tailored to the crowded mega-cities of the future.

GM showcased the EN-V, or “Electric Networked-Vehicle”, at a pavilion that it will share with its China joint venture partner, SAIC Motor Corp, during the World Expo to be held in Shanghai from May through October.

Chinese car market overtakes that of United States

SHANGHAI: China has overtaken the US as the world’s biggest market for automobiles, the first time any other country has bought more vehicles than the nation that produced Henry Ford, the Cadillac and the minivan.
 
Now that the Chinese buy more cars and trucks than Americans, the shift could produce ripples for the environment, gas prices and even the kinds of cars automakers design.

Car sales fell 19pc in Nov

Friday, December 11, 2009
By our correspondent

KARACHI: The Pakistan Automotive Manufacturers Association (PAMA) recently released sales data for passenger cars and light commercial vehicles (PCs and LCVs) for the month of November 2009.

Car sales registered a 19 per cent decline month-on-month basis. Average daily sales (on working days) in the month of November stood at 453 cars compared to 455 in the preceding month.

VW to buy stake in Suzuki for around 1.72 billion euros

FRANKFURT: German car giant Volkswagen and Suzuki of Japan revealed an alliance on Wednesday to give VW a solid footprint in the Indian automarket for about 1.72 billion euros (2.53 billion dollars).
 
One analyst said the cash-and-share deal could also accelerate restructuring of the global automobile industry.
VW is to buy a 19.9-per cent stake in Suzuki by January 2010, and Suzuki would also acquire a stake in Europe’s biggest carmaker, a joint statement said.