Toyota car prices soar upto Rs 350000 following rupee decline

October 17, 2018 (MLN): The Indus Motor Company has made an enormous increase in its car prices following the collapse of rupee value against dollar by around PKR 9.37 per USD at the interbank market as it enhanced the cost of production for the auto sector.

The company has increased prices ranging from Rs 50,000 to Rs 175,000 for November and December deliveries, and Rs 100,000 to Rs 350,000 for January 2019 onwards deliveries.

The company announced that it won’t pass on the impact of increase in price for those who have booked car deliveries for October and made full payment.

It also said that it shall bear 50% of the price increase for deliveries scheduled for November and December.

“It is extremely difficult for IMC to hold current retail selling prices and therefore, we are compelled to pass on a part of this change impact to the market,” the company said.

Toyota has increased the price of Corolla XLI by Rs 50,000, making the final price Rs 1.994 million. The variant is expected to undergo a further price hike of Rs 50,000 in January, eventually crossing the two-million mark with a price of of Rs 2.044 million.

Prices of other Corolla variants have been increased within a range of Rs 50,000 to Rs 100,000, which will double in January.

IMV-4 4X4 has been increased by Rs 175,000 with a price of Rs 6.624 million while it will get another equivalent hike in January making the final cost Rs 6.799 million.

Other variants of the model have also faced a price increase within a range of Rs 125,000 to Rs 150,000, which is expected to double in January.

This is the fourth time Indus Motor has increased car prices this year following the rupee depreciation, which began in December 2017.

Suzuki has raised prices four times this year and is expected to increase prices again following the 7% rupee depreciation.

Honda has increased car prices three times this year as of now.

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