The third time price rise for Indus Motor Company’s (IMC) cars like Corolla and others and it will take effect in 2023, citing “economic uncertainties and extreme volatile situation of rupee against US dollar”.
The corporation increased the price of their cars by up to Rs. 890,000 in a letter that was delivered to its dealers on February 14. On January 12, there was a price increase, and there was another price increase later in the 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.
Hike in Toyota Corolla and Other Cars Prices
The price of the Yaris 1.3MT, the least expensive Toyota vehicle in Pakistan, has increased by Rs. 200,000 to Rs. 4.279 million.
After a rise of Rs. 260,000, the entry-level Corolla version, the 1.6 MT, will sell for Rs. 5.529 million. After a rise of Rs. 330,000, the Corolla Altis Grande X CVT in black color will sell for Rs. 6.649 million.
The cost of the company’s most costly locally built car, the Fortuner Diesel Legender, has increased by Rs. 890,000. It now costs Rs. 17,959,000,000.
The corporation increased car pricing in the range of Rs. 260,000-1.16 million by the end of January 2023.
IMC increased the price of every automobile in its lineup earlier on January 12 by anywhere between Rs. 280,000 and Rs. 1.21 million.
Suzuki, Honda Atlas Cars, Lucky Motor Corporation (KIA), and Hyundai Nishat Motor all announced price increases for cars over the past month as the rupee depreciated quickly.
The weakening of the currency and the difficulties in issuing Letters of Credit (LCs) have hurt Pakistan’s auto industry. Car makers are unable to import completely knocked down (CKDs) units due to this difficulty.
According to figures supplied by the Pakistan Automotive Manufacturers Association (PAMA), auto sales in Pakistan decreased by 36% month-over-month to 10,867 units in January 2023, marking the lowest level since June 2020. Car sales decreased 47% year over year.
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