- Says due to economic uncertainties and inflation in raw material cost, the vendor cost of production has significantly increased
Facing depressed sales, Indus Motor Company, the assembler of Toyota-brand vehicles in Pakistan, notified a hike in car prices across its entire lineup with the increase in the range of Rs280,000-Rs1,210,000.
New RSP (retail selling price) Ex-factory will be effective on all new orders booked after January 12, 2023.
The price of Corolla 1.6 CVT has been hiked from Rs4,979,000 to Rs5,369,000, an increase of Rs390,000.
Corolla 1.6 CVT upspec is now priced at Rs5,909,000 after an upward price revision of Rs430,000.
The price of Hilux Revo V AT has been jacked up by Rs830,000 to Rs11,429,000. The cost of Revo V AT Rocco has risen from Rs11,179,000 to Rs12,049,000, a surge of Rs870,000.
The biggest increase was seen in the prices of the Fortuner range.
Fortuner Diesel will now be available at Rs15,099,000 after an increase of Rs1,130,000. Meanwhile, Fortuner Diesel Legender has witnessed a price hike of Rs1,210,000, and will now be available at Rs15,909,000.
Coming to the Yaris range, the Yaris 1.3 MT has seen a price hike of Rs280,000, and is up from Rs3,539,000 to Rs3,819,000. Yaris 1.5 CVT's price has been jacked up by Rs350,000, and it would be now available at Rs4,609,000.
A notification to dealers said the reasons for the price increase are higher costs in utilities and overheads.
“As you are aware, due to economic uncertainties and inflation in raw material cost, the vendor cost of production has significantly increased,” IMC stated in the notice.
“In addition, the volatile situation of forex, increase in utilities and overheads has 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.