The price of the MG HS Essence, the locally built form of the crossover SUV, has been raised to Rs. 13 lacs by MG JW Automobile.
According to a statement, by the company stated. Despite considerable currency depreciation, MG has not raised the price of MG HS Essence since its launch in 2022. “However, the price rise is now essential due to the application of an 18% Sales Tax on top of the Foreign exchange effect”.
MG HS Essence New Price
The revised pricing for users with a delivery date of February/March 2023 is Rs. 6,999,000, which is Rs. 100,000 more than the previous price. These cars will be invoiced effective February 14, 2023.
Moreover, the revised price for all new orders with delivery in April 2023 is Rs. 8,199,000, implying an Rs. 1,300,000 increase.
The revised pricing will take effect on February 15, 2023.
- Prices are ex-factory, per product, and include all applicable duties and taxes.
- The price at the time of delivery is final.
- Any price changes caused by changes in foreign exchange, and government charges (including the FED, fiscal policies, import policies, and so on) will be borne by the consumer.
- The costs do not include Withholding Tax, transportation, transit insurance, or other fees.
- The booking fee for April delivery will be 20% of the revised price, or Rs. 1,640,000.
Reason for Price Increase
The fluctuation of the Pakistani Rupee has made car prices into a nightmare show. Automobile manufacturers accuse the government of stopping operations cause of the failure to approve letters of credit necessary to import autos and parts.
The government is also considering raising auto taxes in the fiscal budget for 2023-24, which might result in another price increase later this year.
