Indus Motor Co. Raised Up Toyota Car Prices For A Third Time In 2023

• The assembler and seller of Toyota vehicles in Pakistan, Indus Motor Company (IMC), has raised car prices for the third time in 2023, citing “economic uncertainties and extreme volatile situation of rupee against US dollar.”

The company increased the prices of its automobiles by as much as Rs890,000 in a letter sent to its dealers on February 14. The first price increase occurred on January 12, and another price increase occurred later that month.

The notification stated, “As you are aware, economic uncertainties and the extreme volatility of the rupee against the dollar have adversely impacted the cost of manufacturing for IMC.”

“Thus, this situation has made it extremely difficult for IMC to hold the current indicative retail selling prices, and as a result, we are compelled to pass on some impact to the market,” it added. “Thus, we are compelled to pass on some impact to the market.”

After a price increase of Rs200,000, the Yaris 1.3MT, the cheapest Toyota vehicle available in Pakistan, will now cost Rs4.279 million.

The basic Corolla 1.6 MT will cost Rs5.529 million, an increase of Rs260,000, as Pak Suzuki raises car prices for the second time in a month.

In the meantime, the Fortuner Diesel Legender, the company’s most expensive locally assembled vehicle, now costs Rs890,000. The current cost is Rs17.959 million.

The company increased car prices by between Rs260,000 and 1.16 million at the end of January 2023.

On January 12, IMC raised the prices of all of its cars by between Rs280,000 and 1.21 million.
During the rapid depreciation of the rupee over the past month, Suzuki, Honda Atlas Cars, Lucky Motor Corporation (KIA), and Hyundai Nishat Motor also announced price increases for automobiles.

The rupee’s depreciation and issues preventing the opening of Letters of Credit (LCs) have hampered Pakistan’s auto industry. Due to this issue, automobile manufacturers are unable to import fully knocked down (CKD) vehicles.

The Pakistan Automotive Manufacturers Association (PAMA) has released data showing that in January 2023, auto sales in Pakistan fell by 36% month-over-month to 10,867 units, the lowest level since June 2020. Car sales decreased 47% year over year.