BML 4.93 Increased By ▲ 0.08 (1.65%)
BOP 12.94 Decreased By ▼ -0.09 (-0.69%)
CNERGY 7.14 Increased By ▲ 0.07 (0.99%)
CPHL 84.96 Increased By ▲ 0.95 (1.13%)
DCL 13.80 Increased By ▲ 0.50 (3.76%)
DGKC 173.11 Increased By ▲ 1.18 (0.69%)
FCCL 46.20 Increased By ▲ 0.13 (0.28%)
FFL 15.89 Increased By ▲ 0.19 (1.21%)
GCIL 26.96 Increased By ▲ 1.04 (4.01%)
HUBC 150.00 Increased By ▲ 4.44 (3.05%)
KEL 5.28 Increased By ▲ 0.03 (0.57%)
KOSM 6.42 Increased By ▲ 0.01 (0.16%)
LOTCHEM 20.80 Increased By ▲ 0.28 (1.36%)
MLCF 85.63 Increased By ▲ 0.76 (0.9%)
NBP 126.10 Increased By ▲ 1.33 (1.07%)
PAEL 41.76 Increased By ▲ 0.04 (0.1%)
PIAHCLA 22.19 Decreased By ▼ -0.14 (-0.63%)
PIBTL 10.22 Increased By ▲ 0.53 (5.47%)
POWER 13.97 Increased By ▲ 0.09 (0.65%)
PPL 165.00 Increased By ▲ 1.53 (0.94%)
PREMA 42.10 Decreased By ▼ -0.34 (-0.8%)
PRL 33.00 Increased By ▲ 0.18 (0.55%)
PTC 22.80 Increased By ▲ 0.89 (4.06%)
SNGP 118.29 Increased By ▲ 1.30 (1.11%)
SSGC 45.25 Decreased By ▼ -0.27 (-0.59%)
TELE 8.00 Increased By ▲ 0.09 (1.14%)
TPLP 10.18 Decreased By ▼ -0.07 (-0.68%)
TREET 24.12 Increased By ▲ 0.73 (3.12%)
TRG 56.90 Increased By ▲ 0.50 (0.89%)
WTL 1.53 No Change ▼ 0.00 (0%)
BR100 14,141 Increased By 276.6 (2%)
BR30 40,136 Increased By 636.7 (1.61%)
KSE100 138,666 Increased By 2285.5 (1.68%)
KSE30 42,353 Increased By 806.9 (1.94%)

Indus Motor Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, has increased prices of its cars for a third time in 2023 citing “economic uncertainties and extreme volatile situation of rupee against US dollar”.

In a letter sent to its dealers on February 14, the company raised prices of its cars by up to Rs890,000. The first price hike came on January 12 followed by another price increase later last month.

“As you are aware, economic uncertainties and the extreme volatile situation of rupee against dollar has adversely impacted the cost of manufacturing for IMC,” read the notification.

“Thus, this situation has made it extremely difficult for IMC to hold the current indicative retail selling prices, and therefore, we are compelled to pass on some impact to the market,” it added.

Yaris 1.3MT, the cheapest Toyota car in Pakistan, will now sell for Rs4.279 million after a hike of Rs200,000.

Pak Suzuki raises car prices for second time in a month

The basic Corolla variant – 1.6 MT will sell for Rs5.529 million after an increase of Rs260,000.

Meanwhile, the company’s most expensive locally assembled vehicle Fortuner Diesel Legender’s price has now risen by Rs890,000. Its new price is Rs17.959 million.

In late January 2023, the company raised car prices in the range of Rs260,000-1.16 million.

Earlier on January 12, IMC raised car prices across its entire lineup in the range of Rs280,000-1.21 million.

Over the past one month, Suzuki, Honda Atlas Cars, Lucky Motor Corporation (KIA) and Hyundai Nishat Motor also announced hikes in car prices amid rapid rupee depreciation.

Pakistan’s auto sector has been struggling due to rupee depreciation as well as the issues hindering the opening of the Letters of Credit (LCs) issues. Car companies are unable to import completely knocked down (CKDs) units due to this problem.

Automobile sales in Pakistan fell to the lowest level since June 2020 as they witnessed a drop of 36% month-on-month to 10,867 units in January 2023, according to the data released by the Pakistan Automotive Manufacturers Association (PAMA). On a year on year basis, car sales fell 47%.

Comments

Comments are closed.