LAHORE – Indus Motor Company (IMC) continued to give price shocks to customers as it announced the third price hike of 2023.

The assembler of Toyota-brand vehicles in South Asian country notified new prices of all its models. The auto giant justified surge by citing economic uncertainties and the extremely volatile situation of local currency.

The letter issued by the carmaker shows a massive price increase of up to Rs0.9 million. “As you are aware, economic uncertainties and the extreme volatile situation of rupee against dollar has adversely impacted the cost of manufacturing for IMC,” it said.

IMC further added that this situation has made it extremely difficult for the company to hold the current indicative retail selling prices, and therefore, we are compelled to pass on some impact to the market.

The top-of-the-line Yaris 1.5 CVT has now increased to Rs5,169,000 after Rs240,000 hike. The price of Corolla 1.8 CVT SR jacked up to nearly Rs7 million with a hike of Rs330,000.

Fortuner Diesel Legender now stands at Rs17,959,000 after a hike of Rs 0.89 million.

Here are the new prices:

Lately, almost all carmakers including Suzuki, KIA, and Honda increased the prices of their cars after the rupee devaluation as the country is going through the worst economic crisis in recent years.