Indus Motor Company (IMC), the manufacturer of Toyota Pakistan increased prices up to PKR 175,000 due to sudden rupee devaluation against dollar.
Toyota has not been taking orders for last one week, after the sharp blow on rupee value and waiting to review the situation.
After the review of the situation, IMC revised the prices and resumed booking on 17th October.
In the public statement Toyota highlighted the causes of rising the car prices;
“The recent currency depreciation has resulted in a substantial increase in the expenses on account of cost and freight, government duties/taxes, imported components, and raw materials for local parts”
In the statement the company further tell about the booking payment;
“Customers, who have paid in full for orders of October and November, will receive cars on same prices as company will absorb the added cost; however, those, who have made partial payments for October, November, and December will have to pay 50 per cent of the added cost,”
After revising of prices, Corolla has increased the prices in the range of 50,000 to 100,000 and the price International Multi-purpose Vehicle (IMV) variant (All Wheeler) has increased in the range of 125,000 to 175,000.