Latest news with #NewEnergyVehicles
Business Recorder
4 days ago
- Automotive
- Business Recorder
Below 850cc cars: Pak Suzuki MD voices concern over proposed GST hike
ISLAMABAD: Pak Suzuki Motors Managing Director (MD) Hiroshi Kawamura, Tuesday, voiced concern over the proposed increase in sales tax on vehicles under 850cc from 12.5 percent to 18 percent, warning that such measures could adversely affect the automotive sector. During a meeting with Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan here, MD Pak Suzuki Motors, while discussing budgetary impact on auto sector, said that it will not have a positive impact on industry. The SAPM, while explaining the impact of the federal budget and the proposed new tariff policy on the automotive industry, stated that since Pakistan was in an IMF programme, so, under such a situation it cannot continue providing tax exemptions to any sector as it has not served the purpose. The MD Pak Suzuki argued that the increased tax burdens are typically passed on to consumers and could lead to higher vehicle prices, reducing affordability and dampening market demand. 'The impact of higher sales tax is always borne by customers,' Kawamura remarked and cautioned that the resultant price hikes may hinder industry growth and put pressure on production. In response, SAPM Haroon Akhtar reiterated the government's resolve to support the auto industry, emphasising that Prime Minister Shehbaz Sharif is deeply committed to the growth of the sector and is fully aware of the challenges it faces. 'Yes, there are challenges,' Haroon stated, 'but progress demands unity and collaboration. The auto industry is a vital source of employment and local manufacturing strength.' He assured that the prime minister would not allow the sector to falter and pledged continued engagement with industry stakeholders to navigate challenges and seize growth opportunities. In another meeting with chief of another automaker, Haroon Akhtar Khan discussed the strategic challenges facing Pakistan's automotive industry and the potential implications of the federal budget on the sector. Danial Malik, chief executive officer of Master Changan Motors called on the SAPM to present the reservations of the auto sector. The two sides focused on the importance of transitioning towards New Energy Vehicles (NEVs), especially electric vehicles, as a national priority. Malik emphasised the need for sustained policy support and industry-friendly measures to ensure a stable and growth-oriented environment. Haroon Akhtar reaffirmed the government of Pakistan's commitment to implementing a sustainable and modern auto policy aligned with global trends. He announced that the National Electric Vehicle Policy will soon be unveiled. 'The prime minister envisions Pakistan's auto industry becoming globally competitive,' Haroon Akhtar said and added,'Our upcoming EV policy will provide a comprehensive framework for infrastructure development, investment incentives, and policy facilitation.' He added that, in line with the prime minister's vision, special incentives will be offered to promote the adoption of electric vehicles in the country, supporting long-term industrial growth and environmental sustainability. Copyright Business Recorder, 2025
Express Tribune
4 days ago
- Automotive
- Express Tribune
GST hike feared to hit auto sales
Listen to article Pak Suzuki Motor Company has cautioned the government that the proposed increase in general sales tax (GST) in the budget for fiscal year 2025-26 may result in a significant decline in sales of the auto industry, which will negatively impact original equipment manufacturers (OEMs) as well as vendors. Discussing the negative impact of 18% GST, Pak Suzuki Managing Director Hiroshi Kawamura said that it would also affect employment across the automotive value chain, according to sources. He mentioned that economic growth was sustainable with 12% sales tax and any further increase would impact the entire auto industry. At present, around 2.5 million direct and indirect jobs are being provided by the automobile industry. "This number may further increase if 12.5% GST continues in this category," he said. Hiroshi Kawamura held a meeting with Special Assistant to Prime Minister on Industries Haroon Akhtar Khan on Tuesday to review the impact of the budget and the proposed new tariff policy. "The impact of higher sales tax is always borne by customers," Kawamura remarked. He voiced concern over the proposed increase in sales tax on vehicles below 850cc engine capacity from 12.5% to 18%, warning that such measures could adversely affect the sector. He stated that the tax hike could lead to higher vehicle prices, reducing affordability and dampening market demand. The price increase may also hinder industry growth and increase pressure on production. In response, the PM aide reiterated the government's resolve to support the auto industry as Prime Minister Shehbaz Sharif was committed to the sector's growth and was aware of the challenges. "Progress demands unity and collaboration. The auto industry is a vital source of employment and local manufacturing strength," he remarked. Haroon Akhtar assured the MD that the PM would not allow the sector to falter and pledged continued engagement with industry stakeholders to help navigate challenges and seize growth opportunities. Separately, the PM special assistant held a meeting with Master Changan Motors CEO Danial Malik to discuss the strategic challenges faced by the auto industry and potential implications of the budget. They deliberated on the importance of transitioning to New Energy Vehicles (NEVs), especially electric vehicles, as a national priority. Malik stressed the need for sustained policy support and industry-friendly measures to ensure a stable and growth-oriented environment. Haroon Akhtar reaffirmed the government's commitment to implementing a sustainable and modern auto policy aligned with global trends. He announced that the EV policy would be unveiled soon. "The prime minister envisions a globally competitive auto industry," he said. "Our EV policy will provide a comprehensive framework for infrastructure development, investment incentives and policy facilitation." He added that special incentives would be offered to promote the adoption of EVs, which would support long-term industrial growth and environmental sustainability.
Business Recorder
02-06-2025
- Automotive
- Business Recorder
Master Group partners with China's Chery Automobile
LAHORE: Master Group of Industries, one of Pakistan's most respected and diversified business conglomerates, has officially partnered with Chery Brand, China's No.1 global vehicle exporter, to bring the latest Super Plug-in Hybrid Electric Vehicles (PHEVs) and New Energy Vehicles (NEVs) to Pakistan. With over 60 years of industrial excellence and around 40 years of auto-manufacturing experience, Master Group is investing in a cutting-edge manufacturing facility, world-class 3S Dealership network, and comprehensive after-sales support, led by Master Auto Engineering (a subsidiary of Master Group of Industries) under the leadership of Samir Malik (CEO). This strategic alliance heralds a new era for Pakistan's automotive industry, driven by sustainable mobility, advanced technology, and an elevated customer experience. Copyright Business Recorder, 2025
Business Recorder
31-05-2025
- Automotive
- Business Recorder
Master Group partners with China's No.1 global automobile export brand, Chery
Master Group of Industries, one of Pakistan's most respected and diversified business conglomerates, has officially partnered with Chery Brand, China's No.1 global vehicle exporter, to bring the latest Super Plug-in Hybrid Electric Vehicles (PHEVs) and New Energy Vehicles (NEVs) to Pakistan. With over 60 years of industrial excellence and around 40 years of auto-manufacturing experience, Master Group is investing in a cutting-edge manufacturing facility, world-class 3S Dealership network, and comprehensive after-sales support, led by Master Auto Engineering (a subsidiary of Master Group of Industries) under the leadership of Mr. Samir Malik (CEO). This strategic alliance heralds a new era for Pakistan's automotive industry, driven by sustainable mobility, advanced technology, and an elevated customer experience. Get ready for ground-breaking product launches, innovations, and more.
Mid East Info
19-05-2025
- Automotive
- Mid East Info
PETRONAS SHOWCASES ITS FLUID TECHNOLOGY INNOVATIONS TO KIMI ANTONELLI - Middle East Business News and Information
PETRONAS and the Mercedes-AMG PETRONAS Formula 1 Team mark 15 years of collaboration built on technical co-development and performance driven innovation. Kimi Antonelli toured the state-of-the-art PETRONAS Global Research & Technology (R&T) Centre in Turin, where he was introduced to the cutting-edge technologies and technical capabilities that fuel the team's success on the track, as part of his ongoing technical onboarding with PETRONAS The tour of the Global R&T Centre, taking place before this weekend's Emilia Romagna Grand Prix, gave Antonelli a first-hand look at the innovation and collaboration that drives PETRONAS' longstanding partnership with the Mercedes-AMG PETRONAS Formula 1 Team F1 Team. UAE, May 2025 – As the Title and Technical Partner of the Mercedes-AMG PETRONAS Formula 1 Team, PETRONAS continues to play a pivotal role in co-engineering high performance fuels, lubricants and functional fluids that power the team's success on the track and beyond. A cornerstone of this collaboration is the PETRONAS Global Research & Technology (R&T) Centre in Turin, which, over the course of the 15-year partnership, has played a central role in the development of Championship-winning formulations, while also driving innovation for the next generation of New Energy Vehicles (NEVs), alternative fuels and energy-efficient lubricants for everyday use. The Global R&T Centre reflects PETRONAS' commitment to continuous progress through engineering excellence, thus enabling track-to-road innovation on a global scale. In line with this longstanding partnership, the Mercedes-AMG PETRONAS F1 Team driver Kimi Antonelli today visited the PETRONAS Global R&T Centre as part of his continued technical familiarisation with the company's operations and innovations. The visit provided Antonelli with a closer understanding of PETRONAS' technical capabilities and the critical part this partnership plays in driving the team's performance. The visit marks the next phase in Antonelli's onboarding with PETRONAS since becoming one of the team's drivers, and follows his initial introduction to PETRONAS at its headquarters in Kuala Lumpur in March. This visit gave Antonelli a first-hand look at the science, innovation and collaboration behind PETRONAS Fluid Technology Solutions™ – a suite of next generation lubricants, fuels and functional fluids engineered for peak performance and reliability that power his performance on track. PETRONAS Vice President of Group Strategic Relations and Communications, Ir. Norafizal Mat Saad, said: 'This technical immersion visit represents the essence of our enduring partnership with the Mercedes-AMG PETRONAS F1 Team. For 15 years, we've collaborated to push the boundaries of fluid technology innovation, translating track-tested solutions into real-world applications.' Antonelli was received at the PETRONAS Global R&T Centre by Khalil Muri, Managing Director and Group Chief Executive Officer (CEO) of PETRONAS Lubricants International (PLI), the global lubricants manufacturing and marketing arm of PETRONAS. He was then brought on a guided tour of the advanced state-of-the-art laboratory facilities, where he engaged with PLI's industry-leading team of experts, explored the advanced R&D processes behind championship-winning fuels and fluids designed for both the track and everyday road use. Kimi Antonelli said: 'It's been great to visit the PETRONAS Global Research & Technology Centre here in Italy ahead of my home Grand Prix. We know how important the fluids and lubricants are, however seeing the level of detail, innovation and teamwork behind it all gives you a whole new perspective. It's clear how much passion and expertise goes into supporting us on track. As a driver, that gives me a lot of confidence. I'm proud to be part of this partnership and excited to keep pushing forward together.' PLI Managing Director and Group CEO, Khalil Muri, shared: 'Kimi Antonelli's visit to our Global R&T Centre is more than symbolic – it reflects PETRONAS Lubricants International's pivotal role in advancing innovation and sustainability in partnership with the Mercedes-AMG PETRONAS F1 Team. Through PLI, we turn track-tested technology into real-world solutions, aligned with our vision to be a progressive energy and solutions partner, enriching lives for a sustainable future.' Antonelli's visit comes ahead of this weekend's Emilia Romagna Grand Prix at the legendary Imola circuit, just a stone's throw from his birthplace in Bologna, which will be the Italian driver's first-time racing in his home country in Formula One. For a young driver making his first steps in the sport, visiting the PETRONAS Global R&T Centre provides a crucial insider's perspective into the high-performance fluids, fuels, and engineering that power F1 cars, and drive the competitive edge that has kept the Mercedes-AMG PETRONAS F1 Team at the top of the sport for so long. Now in its 15 th year, PETRONAS' partnership with the Mercedes-AMG PETRONAS F1 Team has delivered eight World Constructors' Championships and over 120 Grand Prix victories, establishing a global benchmark for excellence through relentless innovation. About Petroliam Nasional Berhad (PETRONAS) As a global energy and solutions partner, PETRONAS is driven by its purpose to enrich lives for a sustainable future. With presence in over 100 countries, the group continues expanding its portfolios ranging from conventional and cleaner energy solutions to a diverse range of fuel, lubricants and petrochemical products. While ensuring sustainable practices across its operations, PETRONAS strives to ensure just and equitable outcomes in transitioning to a lower carbon future. About PETRONAS Lubricants International: PETRONAS Lubricants International (PLI) is the global lubricants manufacturing and marketing arm of PETRONAS, Malaysia's dynamic global energy group. Established in 2008, PLI manufactures and markets a full range of high-quality automotive and industrial lubricant products in over 100 markets internationally. Headquartered in Kuala Lumpur, PLI also has offices around the world including Turin, Belo Horizonte, Beijing, and Chicago. PLI is the technical resource behind PETRONAS' partnership with the Mercedes-AMG PETRONAS Formula One Team, responsible for the design, development, and delivery of the Fluid Technology Solutions™, which includes customised lubricants, fuels and transmission fluids to power the Silver Arrows. We are a progressive energy and solutions partner, enriching lives for a sustainable future. Our commitment remains to conduct and grow our business in ways that contribute positively to society and the environment. PLI is driving an aggressive business growth agenda as one of the leading global lubricants companies at the forefront of the industry, providing custom-made solutions for every need.
