Toyota increases car prices again by up to Rs1.16m (Check new rates here)

KARACHI – The Indus Motor Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, has increased prices of its cars for a second time in January 2023 following massive depreciation of the local currency.

The IMC notified an increase in the prices on its vehicles with the hike going as high as Rs1.16 million.

The price of Corolla 1.6 CVT has been hiked from Rs5.369 million to Rs5.749 million, an increase of Rs380,000. Corolla 1.8 CVT is now priced at Rs6.07 million after an upward price revision of Rs430,000.

The biggest increase was seen in the prices of the Fortuner range. Fortuner Diesel Legender witnessed a price hike of Rs1.16 million and it will now be available at Rs17.07 million

Toyota Yaris 1.3 MT saw a price surge of Rs260,000 as its rate rose from Rs3.819 million to Rs4.079 million.

Yaris 1.5 CVT’s price has been jacked up by Rs320,000, and it would be now available at Rs4.929 million.

On January 12, IMC also raised car prices across its entire lineup in the range of Rs280,000-Rs1.21 million.

The new RSP (retail selling price) will be effective on all new orders booked after January 12, 2023, the latest notification said.

IMC said economic uncertainties and the extreme volatility in value of rupee against dollar had adversely impacted the cost of manufacturing of the company.

“This situation has made it extremely difficult for IMC to hold on to the current retail selling prices, and therefore, we are compelled to pass on some impact to the market,” the company said in a statement.

The company added that the increase in prices are subject to change and prices prevailing at the time of delivery shall continue to be applicable on all orders.

“Any change in government levies and taxes (including FED, Sales Tax, CVT etc.), tariff, fiscal policies, import policies, etc. will be on account of the customer,” the company said.

After Toyota and Honda, Suzuki Pakistan also raises car prices by up to Rs355,000 (Check New Rates Here)