Mgt301 Gdb 1 Solution Spring 2022

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Mgt301 Gdb 1 Solution Spring 2022

Due to the current economic situation, many industries in Pakistan have been badly affected. One of these is the automobile industry. As compared to last year, automobile prices have increased by around 50%. Currently, some automobile manufacturers are shutting down their production, and are not accepting any further bookings.

Mgt301 Gdb 1 Solution Spring 2022

Point of discussion:

In your opinion, are economic factors affecting the price hike in the automobile industry? Support your position with at least three logical arguments.    (6 Marks).

Solution By ConceptsBuilder

The costs of new vehicles and trade-in vehicles have gone up fundamentally. As per a report distributed by the Consumer Price Index in August, the general cost of a vehicle has gone up 32% when contrasted with a year sooner. In particular, utilized vehicle costs are up 42% when contrasted with the primary quarter of 2020, which was just before the pandemic significantly affected the economy in general, including the auto market.

Expansion Is Playing a Role

Many individuals are worried about expansion, as it is adding to an ascent in staple labor and products. Expansion is likewise adding to an ascent in vehicle costs. As per the Consumer Price Index, expansion bounced by in excess of five percent in June when contrasted with costs only one year prior. This is the most elevated expansion rate in over 10 years, and it could assume a part in rising vehicle costs too.

The Lack of New Cars Is Impacting the Used Car Market

Since there are not much of new vehicles accessible, this is causing the trade-in vehicle market to significantly ascend in cost. Individuals who might be buying new vehicles are currently buying utilized vehicles. Since there is more interest for utilized vehicles, the cost is going up. Moreover, a many individuals are reluctant to exchange their vehicles since they realize they will struggle with tracking down another vehicle. This is all prompting a drop in the trade-in vehicle supply, driving up costs.

Rental Car Companies Are Also Buying Up Used Cars

Another component that is prompting an ascent in utilized vehicle costs is rental vehicle organizations. During the pandemic, a many individuals didn’t travel, so there were not as many individuals leasing vehicles. A ton of rental vehicle organizations auctions off their trade-in vehicles since they believed they wouldn’t require them soon.

Mgt301 Gdb 1 Solution Spring 2022

Screenplay:

Due to the current economic situation, many industries in Pakistan have been severely affected. One of them is the automotive industry. Compared to last year, car prices increased by roughly 50%. Currently, some car manufacturers are discontinuing their production and are not accepting any more bookings.

Subject of discussion:

Do you think economic factors have an effect on price growth in the automotive industry? Support your position with at least three logical arguments.

Mgt301 Gdb 1 Solution Spring 2022

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Solution here

Yes, economic factors affecting price increases in the automotive industry:

Logical arguments:

Taxes imposed by the government:

The auto industry said it had to pay high taxes to the government. In 2022, car sales are declining in Pakistan. If only because of the increase in the price of cars. Automakers already pay tax on the import of auto parts.

Economic Crisis:

When the economy declines, it affects the level of production. Pakistan is considered a backward country. Our economic crisis is the cause of low production. The economic crisis also affects purchasing power.

Currency devaluation: Currency devaluation is the biggest reason for increasing number of cars in Pakistan. The dollar is considered an international currency. Internationally, traders follow the exchange rate of the dollar. This is the main reason for the rising prices of cars. If the strength of the dollar increases, the car manufacturers have to pay an amount based on the current dollar exchange rate. They have to pay FED and other taxes to the tax department. All this increases the price of the product. Automakers raise prices to cover their costs.