The price of its cars has once again risen by Indus Motor Company (IMC), the manufacturer and retailer of Toyota-branded vehicles in Pakistan. The new prices will be in effect starting on March 10 and the increase can be as high as Rs2.017 million.
The company informed its dealers of the price hike in a letter and explained its decision, citing economic unpredictability, currency exchange problems, and an increase in sales tax.
The company announced a significant increase in the cost of its automobiles, with the increase reaching up to Rs 2 million. “As you are aware, economic uncertainty and the extremely unpredictable condition of the rupee against the dollar have significantly impacted the cost of production for IMC,” IMC stated in a statement. IMC has found it to be very challenging to maintain the existing indicative retail selling prices, the company stated.
We are required to pass on some impact to the market, it continued. Also, the Sales Tax Act of 1990 has increased the rate of Sales Tax on all CKD vehicles with engine capacities of 1400cc and higher (except from IMV-I Single Cabin) to 25% by Statutory Regulation Order (SRO. 297(1)/2023) issued March 8 2023.
With the most recent price increase, the cheapest Toyota model, the Yaris 1.3MT, would now go for Rs4.499 million, an increase of Rs0.183 million. The cost of the Corolla 1.6 MT has increased by Rs593,000, from Rs5.576 million to Rs6.169 million. Corolla 1.8 CVT’s pricing has increased by Rs696,000 to Rs7.119 million.
The price of Revo G MT increased by Rs1,225,000, going from Rs11.18 million to Rs12.4 million.
The Fortuner Diesel Legender’s price jumped from Rs18,112,000 to Rs20,129,000. This represents the most price increase.
Toyota and a number of other automakers increased car prices earlier this year amid an economic collapse at least three times across their full portfolio.