Toyota prices hiked up to Rs1.2m
The Indus Motor Company (IMC), on Friday, announced a price hike of up to Rs1.2 million for several Toyota vehicles following the country’s volatile foreign exchange situation and increase in the price of utilities and overheads.
“Due to economic uncertainties and inflation in the cost of raw material, the vendor cost of production has increased significantly. In addition, the volatile situation of forex, increase in utilities and overheads has also impacted the cost of manufacturing for IMC,” the company said in a notification.
Toyota has announced price hikes for several of its popular models in Pakistan. The Corolla Altis X Manual 1.6L for example has seen a price increase of Rs370,000, bringing its new price to Rs4,939,000. Similarly, Corolla Altis CVT 1.6L’s price jumped to Rs5,369,000 witnessing a price hike of Rs390,000.The Corolla 1.6 CVT Upspec is now priced at Rs5,909,000 following a jump of Rs430,000. The price of the Corolla Altis Grande X CVT-i 1.8 (Beige Interior) has seen a price hike of Rs460,000, and will now cost Rs6,169,000, while the Corolla Altis Grande X CVT-i 1.8 (Black Interior) witnessed a similar increase and is now available for Rs6,209,000.
The price of the Toyota Yaris has also been revised with the Yaris GLI MT 1.3 witnessing an increase of Rs280,000 and now costing Rs3,819,000. The new price of Yaris GLi CVT 1.3 stands at Rs4,069,000 after an increase of Rs300,000. The Yaris ATIV M/T 1.3 has experienced an increase of Rs310,000, and is now available for Rs4,039,000. Correspondingly, the Yaris ATIV CVT 1.3’s new price is Rs4,239,000 after it witnessed a similar hike. The Yaris ATIV X MT 1.5 has seen an increase of Rs330,000 and will now cost Rs4,339,000, and the Yaris ATIV X CVT 1.5, with a jump of Rs350,000, is now available for Rs4,609,000.
Speaking to The Express Tribune, Insight Securities Auto Analyst Asad Ali said, “The company has increased the car prices by 8% mainly due to rupee devaluation and higher inflationary pressures,” adding that, “We expect other car companies to follow in this step soon.”
“This will also improve the margins of the company as it is operating in loss due to higher demurrage charges and financial charges on late delivery to customers,” said auto analyst Arsalan Hanif.
Published in The Express Tribune, January 14th, 2023.
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