In 2 weeks: Indus Motor increases Toyota car prices again as rupee's fall bites
- Hikes rates by as much as Rs1.16 million, says economic uncertainties and extreme volatility in rupee value has impacted cost of manufacturing
Indus Motor Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, has increased prices of its cars for a second time in January 2023 following significant depreciation of the Pakistani rupee against the US dollar.
In a notification sent to dealers on Friday, IMC notified an increase in the prices on its vehicles with the hike going as high as Rs1.16 million.
Earlier on January 12, IMC raised car prices across its entire lineup in the range of Rs280,000-Rs1.21 million.
The new RSP (retail selling price) will be effective on all new orders booked after January 12, 2023, the latest notification said.
A Toyota-authorised car dealer said customers who have made the complete payment before January 11 will be delivered cars at the previous rates.
IMC said economic uncertainties and the extreme volatility in value of rupee against dollar had adversely impacted the cost of manufacturing of the company.
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“This situation has made it extremely difficult for IMC to hold on to the current retail selling prices, and therefore, we are compelled to pass on some impact to the market,” the company said in a statement.
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The company added that the increase in prices are subject to change and prices prevailing at the time of delivery shall continue to be applicable on all orders.
“Any change in government levies and taxes (including FED, Sales Tax, CVT etc.), tariff, fiscal policies, import policies, etc. will be on account of the customer,” the company said.
Speaking to Business Recorder, auto sector analyst Arsalan Hanif said: “IMC increased car prices in the range of 6-9%. This increase is due to 12% depreciation of rupee against the US dollar in the last two trading sessions.”
He projected prices to rise further if rupee failed to stabilise.
NBP Funds research analyst Muqeet Naeem said the increase in prices will further slow down the depleting sales for the sector.
The price of Corolla 1.6 CVT has been hiked from Rs5.369 million to Rs5.749 million, an increase of Rs380,000. Corolla 1.8 CVT is now priced at Rs6.07 million after an upward price revision of Rs430,000.
The biggest increase was seen in the prices of the Fortuner range. Fortuner Diesel Legender witnessed a price hike of Rs1.16 million and it will now be available at Rs17.07 million
Toyota Yaris 1.3 MT saw a price surge of Rs260,000 as its rate rose from Rs3.819 million to Rs4.079 million.
Yaris 1.5 CVT’s price has been jacked up by Rs320,000, and it would be now available at Rs4.929 million.
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