- Rates revised by up to Rs700,000
In a surprise development, Indus Motor Company, the assemblers of Toyota-brand vehicles in Pakistan, notified a hike in prices of some of its Corolla variants and the Hilux model with the increase in the range of Rs190,000-Rs700,000.
The price of Corolla Altis X Automatic 1.6 has been hiked from Rs4,789,000 to Rs4,979,000, an increase of Rs190,000. Corolla Altis X Automatic 1.6 SE is now priced at Rs5,479,000 after an upward price revision of Rs200,000.
The price of Hilux Revo G 2.8 has been jacked up by Rs670,000 to Rs9,839,000. The cost of the Hilux E has risen from Rs8,449,000 to Rs9,069,000, a surge of Rs620,000.
The biggest increase was seen in the price of Hilux Revo G Automatic 2.8, which will now be available at Rs10,309,000 after an increase of Rs700,000.
A notification to dealers said reasons for the price increase are higher raw material cost and significant surge in the vendor’s cost of production.
“Due to economic uncertainties and spike in raw material cost, the vendors’ cost of production has significantly increased,” the company stated in the notice.
“In addition, uncertainties in forex fluctuations, increase in utilities and overheads have also impacted the cost of manufacturing for IMC. Thus, this situation has made it extremely difficult for IMC to hold the current retail selling prices and therefore, we are compelled to pass on some impact to the market,” it added.