- Hikes rates by as much as Rs3.16mn due to rupee depreciation, imposition of taxes
Owing to persistent depreciation of the local currency coupled with higher taxes, Indus Motor Company (IMC) announced a massive increase in prices of its completely knocked down (CKD) units with the hike in the range of Rs590,000-Rs3.16 million.
“The significant devaluation of Pakistani rupee and increase in taxes and duties, including the government-imposed levy of Capital Value Tax (CVT) on all 1,300cc and above vehicles, increased raw material prices and transport costs have adversely impacted IMC, as well as vendor cost of production,” the company said in a July 28 notification to its dealers.
“This situation has unfortunately made it extremely difficult for IMC to continue to maintain the current retail selling prices.”
It further notified that the intake of orders remained suspended until further notice.
On Friday morning, the company announced it would temporarily shut down its production plant from August 1, 2022 to August 13, 2022. The official announcement comes just days after Business Recorder reported that IMC is planning to temporarily shut its production of all variants.
The notification cited a hike in Toyota’s Corolla, Yaris, Revo and Fortuner models that are “subject to change and prices prevailing at the time of delivery shall continue to be applicable on all future orders”.
Below are the revised rates of all CKD models that witnessed an upward revision.
On Friday, the rupee closed at 239.27 against the US dollar after depreciating over 13% in the past two weeks. Sharp depreciation mounted pressure on almost all sectors of the economy, forcing businesses to pass on the impact to the consumers.
The company hiked the prices of Corolla models in the range of Rs990,000-Rs1.29 million. The Corolla 1.6 MT saw a price increase of Rs990,000 to Rs4.9 million while the Corolla 1.6 AT variant is now priced at Rs4.01 million after an upward revision of Rs1.04 million.
The Corolla 1.8 CVT SR (black) variant saw the highest price increase in Corolla category as its price rose Rs1.29 million to Rs6.19 million.
IMC increased the price of Yaris models in range of Rs590,000-910,000. In the category, the Yaris 1.3 MT saw lowest price increase and it is now priced at Rs3.8 million. Moreover, the Yaris 1.5 CVT model saw highest price spike in the category and it is now available at Rs4.57 million.
The rates of Revo rose by Rs1.8 million to Rs2.27 million. The price of Revo G MT rose from Rs7.99 million to Rs9.8 million. Similarly, the Revo V AT Rocco surged from Rs9.73 million to Rs12 million.
The firm raised the rates of Fortuner model in the range of Rs2.5-3.2 million. The Fortuner Lo Petrol variant is now available at Rs12.5 million. The Fortuner Diesel Legender variant saw the sharpest price increase and it can now be bought at Rs15.84 million.