Indus Motor Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, has increased prices of its cars yet again. The hike goes as high as Rs2.017 million and the new rates will come into effect from March 10.
In a letter sent to its dealers, the company notified the increase in price and cited economic uncertainties, exchange rate issues and increase in sales tax as reasons behind its decision.
The automaker notified the massive increase in the prices of its vehicles with the hike going as high as Rs2million. In a statement, IMC said “As you are aware, economic uncertainties and the extreme volatile situation of rupee against the dollar has adversely impacted the cost of manufacturing for IMC. This situation has made it extremely difficult for IMC to hold the current indicative retail selling prices,” the company said.
It further maintained that “We are compelled to pass on some impact to the market. Additionally, the government of Pakistan vide Statutory Regulatory Order (SRO. 297(1)/2023) dated March 8 2023, has enhanced the rate of Sales Tax to 25% on all CKD vehicles with engine capacity of 1400cc and above (with exception of IMV-I Single Cabin), under Sales Tax Act 1990.”
After the recent price hike, Toyota’s cheapest car Yaris 1.3MT will now sell for Rs4.499 million, with a surge of Rs0.183 million. The price of Corolla 1.6 MT has been hiked from Rs5.576 million to Rs6.169 million, an increase of Rs593,000. Corolla 1.8 CVT is now priced at Rs7.119 million after an increase of Rs696,000.
Revo G MT saw a price surge of Rs1,225,000 as its rate rose from Rs11.18 million to Rs12.4 million.
The biggest increase was seen in the prices of the Fortuner Diesel Legender as the price has been increased from Rs18,112,000 to Rs20,129,000.
Earlier this year, Toyota and several other carmakers raised car prices across its entire lineup for at least three times amid an economic meltdown.