As per the notification, the price of base Swift GL has been slashed by Rs85,000 after which it is available for PKR 4.336 million, and the price of the GL CVT variant has been cut by Rs159,000 bringing its price down to Rs45.6 million. Lastly, the flagship Swift GLX CVT has seen its price drop by Rs710,000 after which it now retails at PKR 4.72m.
The limited-time offer means the price decrease is temporary in nature. Nevertheless, with sales hitting rock bottom, the outrageous prices of locally assembled cars finally seem to be coming down.
As per the notification, the revised prices include FED and sales tax, while advance income tax is excluded. The prices are provisional and can be changed without any prior notice.
Prices and any government taxes and levies applicable at the time of delivery will be paid by the customers.
Earlier this week, Kia Lucky Motors and Peugeot Pakistan considerably dropped their car prices, especially for Stonic. Kia announced an Rs1.5 million reduction in the rate of Kia Stonic. This was a good move by Kia to gain some traction in the local market, and reportedly, it has received a very positive response from the customers as Stonic’s booking has reached its peak.
The significant decrease in the price of Swift makes it almost equal to Kia Stonic. This gives consumers in the same price range another option. These are positive signs for the local stagnant market.
On the other side, also Tesla has slashed prices on Model 3 and Model Y vehicles across the US, Europe, China, the Middle East, and Africa.
It has cut prices across several of its major markets — including China, Germany, and the U.S. — to combat slowing demand for electric vehicles ahead of a major earnings report.
Earlier this month, Tesla reported its first quarterly year-over-year sales decline since 2020. The Austin, Texas-based automaker sold 10% less Model 3 compact cars and Model SUVs, which make up the majority of its deliveries.
“Tesla prices must change frequently in order to match production with demand,” CEO Elon Musk wrote on X Sunday.
The automaker cut the price of the revamped Model 3 in China by 14,000 yuan ($1,930) to 231,900 yuan ($32,000). It also cut Model Y prices by a similar amount. Musk also trimmed the price of one model of the Model 3 in Germany to 40,990 euros ($43,670.75) from 42,990 ($45,750) euros.
In the U.S., Tesla slashed $2,000 off Model Y SUVs, Model X SUVS, and Model S sedans by $2,000. It also cut $4,000 off the price of Tesla’s Full Self-Driving amid a push to increase its collection of user data; just days earlier, the company slashed the subscription price of the software to $99 per month from $199 per month.
Prices across other countries in Europe, the Middle East, and Africa — areas where, as of last week, Musk now oversees Tesla sales — have also been slashed, Reuters reported.
Tesla stock dropped more than 4% in pre-market trading Monday to just over $140 per share, following a terrible week for the company. The stock had already — repeatedly — hit new 52-week lows last week after analysts cut their ratings and price targets in the wake of mass layoffs and the departure of multiple executives.
