Indus Motors hikes car prices again
Business
New prices will be effective from March 10, increase up to Rs2.017 million announced
LAHORE (Web Desk) - The price of its automobiles has once again risen by Indus Motor Company (IMC), the manufacturer and retailer of Toyota-branded vehicles in Pakistan. The new prices will be in effect starting on March 10 and the increase might be as high as Rs2.017 million.
The business informed its dealers of the price hike in a letter and explained its decision citing economic unpredictability, currency exchange problems and an increase in sales tax.
"As you are aware, the extraordinary volatility of the rupee versus the dollar and the current economic uncertainty have had a negative impact on IMC's production costs. IMC has found it to be very challenging to maintain the existing indicated retail selling prices,” the company stated.
"We must transfer some effects to the market. Also, the Sales Tax Act of 1990 has increased the rate of Sales Tax on all CKD cars with engine capacities of 1400cc and higher (except from IMV-I Single Cabin) to 25% by Statutory Regulation Order (SRO. 297(1)/2023) issued March 8 2023,” it said.
The most affordable Toyota model, the Yaris 1.3MT, would now cost Rs4.499 million as a result of the latest price increase. The cost of the automobile increased by Rs183,000.
The expensive Toyota Fortuner Legender increased in price by Rs2.017 million, surpassing the Rs20-million threshold. The variation now costs Rs20.129 million.
With a Rs593,000 price increase, the Corolla 1.6 MT will now be offered for sale for Rs6.169 million.
Before to this, on February 14, the business informed its dealers of a price increase for its vehicles of up to Rs89,000.
