Pak Suzuki Motor Company (PSMC), the leading car company in Pakistan by sales and production volume, has unveiled a new installment plan for its used cars. This initiative is available at all authorized Suzuki dealerships, with exclusive access provided to Meezan Bank and Bank Al-Falah cardholders.
This new financing model offers multiple benefits including a discounted markup rate, reduced insurance rates, an extended financing period of eight years, up to a 50% discount on processing fees, and residual value financing of up to three years.
Simultaneously, in the midst of its ongoing financial difficulties, PSMC reached out directly to Pakistan’s interim Prime Minister, Mian Shahbaz Sharif, seeking his support. In an open letter, the company appealed to the Prime Minister to abstain from endorsing proposed tax increases in the forthcoming fiscal budget.
Read More: Pak Suzuki Appeals to Prime Minister Amid Mounting Challenges in Auto Industry
The letter highlighted the company’s challenging circumstances, stating, “We find it important to draw your attention to the fact that PSMC is navigating through one of the most challenging periods in its 40-year history. The company has already sustained substantial losses of Rs. 12.9 billion in the first quarter of the current year due to prevalent economic uncertainties. We have also been forced to observe several ‘No Production Days’ every month throughout the year. Moreover, our dealers and vendors are also under severe strain due to the current economic and business conditions, with some having closed their operations and many teetering on the brink of closure.”
PSMC’s plea focused on requesting the Prime Minister to withhold tax increases on cars up to 1,000cc. This appeal is crucial for the automaker, as its product range primarily consists of vehicles with engines of 1,000cc or smaller.
