Indus Motor Company (IMC) has raised the prices of Toyota vehicles by Rs280,000-1.2 million citing economic uncertainty, inflationary impact on raw material, and the increasing cost of production, it emerged on Friday.
The company also attributed the hike to the exchange rate volatility, increase in utility costs and overhead charges. The situation had made it “extremely difficult” for the company to maintain the current prices and it was compelled to pass on some of the impact to the market, it said in a notification.
The price of Yaris 1.3 MT has been raised by Rs280,000 to Rs3.819m while the 1.5 CVT is priced at Rs4.609m, up Rs350,000. The new rates of Yaris 1.3 CVT, 1.3 HMT, 1.3 HCVT and 1.5 MT are Rs4.069m, Rs4.039m, Rs4.239m and Rs4.399m, respectively.
Meanwhile, the new price of Corolla 1.6 MT is Rs4.939m, an increase of Rs370,000 while the 1.8 CVT SR (black interior) now costs Rs6.209m, up Rs460,000. The new rates of other Corolla models — 1.6 CVT and UPSPEC — are Rs5.369m and Rs5.909m while the 1.8 CVT SR (beige interior) is Rs6.169m.
According to the notification, the prices of Revo VAT and VAT ROCCO have been raised by Rs830,000 and Rs870,000 to Rs11.429m and Rs12.049m, respectively.
The new rates of Fortuner LO Petrol, High Petrol, Diesel and Diesel Legender are Rs12.509m, Rs14.319m, Rs15.099m and Rs15.909m, an increase of Rs930,000, Rs1.06m, Rs1.13m and Rs1.21m, respectively.
The new prices will be applicable on all orders placed after January 12.
The auto industry has been badly affected in recent months, with production down 30.56 per cent in October. Sales have also declined steeply due to rising prices coupled with high-interest rates that made leasing more expensive.
Curbs on auto financing and non-opening of letters of credit by the central bank in a bid to reduce dollar outflows resulted in a shortage of parts and major automakers, including IMC and Pak Suzuki Motor Company Ltd, suspended operations multiple times over the last few months due to a shortage of parts.
According to data from Pakistan Automotive Manufacturers, a huge fall of 59pc was recorded in Toyota Corolla and Yaris sales to 12,065 units from 29,126 in the first six months of the current fiscal year. However, the month-on-month sales fell slightly to 1,879 in December compared to 1,933 in the preceding month.