Toyota pricing increases up to Rs1.2 million.
According to information released on Friday, Indus Motor Company (IMC) has increased the pricing of Toyota automobiles by Rs280,000 to Rs1.2 million due to the uncertain economy, the impact of inflation on raw materials, and rising production costs.
The corporation also blamed rising power expenses, overhead fees, and currency rate volatility for the rise. The company stated in a statement that the circumstance had made it “very difficult” for it to maintain the present prices and that it was forced to convey some of the burden to the market.
The cost of the Yaris 1.3 MT has increased by Rs280,000 to Rs3.819 million, while the 1.5 CVT has increased by Rs350,000 to Rs4.609 million. The new prices for the 1.3 CVT, 1.3 HMT, 1.3 HCVT, and 1.5 MT models are, respectively, Rs4.069m, Rs4.039m, Rs4.239m, and Rs4.399m.
The Corolla 1.6 MT now costs Rs4.939m, an increase of Rs370,000, and the 1.8 CVT SR (black interior), an increase of Rs460,000. The revised prices for the 1.6 CVT and UPSPEC Corolla models are Rs5.369m and Rs5.909m, respectively, while the 1.8 CVT SR (beige inside) is Rs6.169m.
The price of Revo VAT and VAT ROCCO has increased by Rs830,000 and Rs870,000 to Rs11.429m and Rs12.049m, respectively, according to the announcement.
All orders placed on or after January 12 will be subject to the revised prices. The auto industry has been severely impacted lately, with production declining by 30.56% in October. Due to price increases and high interest rates that made leasing more expensive, sales have also sharply decreased.
Major automakers, including IMC and Pak Suzuki Motor Company Ltd, have repeatedly had to suspend operations over the past few months due to a shortage of parts as a result of restrictions on auto financing and the central bank’s refusal to open letters of credit in an effort to reduce dollar outflows.
According to figures from Pakistan Automotive Manufacturers, sales of the Toyota Corolla and Yaris plunged dramatically, falling by 59 percent to 12,065 units in the first half of the current fiscal year from 29,126. However, compared to the previous month, when sales were 1,933, they slightly decreased to 1,879 in December.