Director of Rawalpindi Excise and Taxation Tanveer Abbas Gondal said that Excise and Taxation Department of Rawalpindi registered almost 115,354 vehicles in 2017. He informed that through vehicle registration in 2017 220 million revenue was generated
To be specific 98,220 Motorbikes, 4,608 Rickshaws, 5,946 Cars, 6,172 Commercial Vehicles, and 342 Government and 66 Semi-government Vehicles were registered.
Now through registration of new cars Rs. 76 million in revenue was generated, new motorbikes registration generated Rs. 71 million of the revenue and the other commercial vehicles generated over Rs. 58 million revenue.
The auto industry is Pakistan’s rapidly growing industry and it contributes 4% to Pakistan’s GDP. At present, around 3200 automotive manufacturing plants in Pakistan are manufacturing 200,000 vehicles and 1,800,000 bikes. In the South Asian region Pakistan’s auto industry might be the smallest but it is the fastest growing industry.
It is pertinent to mention here that many international auto companies are also coming to Pakistan. KIA Motors has signed an agreement with Pakistan Government to set up a plant in Pakistan. Similarly, 500 Chinese auto companies have expressed a desire to invest in Pakistan. A group of Chinese automakers visited Islamabad Chamber of Commerce and Industry (ICCI), Pakistan. They said that they want to establish auto plants in Pakistan. They insisted that they have been producing cars as per European standards and now they want to make an entry in Pakistan market. Furthermore, Hyundai Nishat has already conducted launch ceremony of its new plant in Pakistan after signing the contract with Pakistan Government to produce and sell cars in Pakistan.
Read more: Hyundai Nishat motors enter Pakistan market
So in short Pakistan’s auto sector is flourishing and we can anticipate a promising future for the auto industry.