Indus Motor Company hikes Toyota car prices, 2nd time in 5 weeks

Indus Motor Company (IMC), the maker of Toyota-brand vehicles in Pakistan, has increased car prices across its entire CKD line-up, with the hike going as high as Rs580,000. This is the company's second price-hike in five weeks, and comes on the back of a two-week suspension of bookings announced by the company last month as well.

In a letter to its dealers on Friday, IMC said that the "sudden devaluation of Pakistani Rupee has made it extremely difficult for IMC to hold the current retail selling prices and we are compelled to pass on some impact to the market".

The company stated that price revision will be effective on new orders booked on or after April 30, 2022.

Toyota Corolla

Price-increase on all Corolla variants was in the range of Rs160,000-Rs210,000.

Corolla Altis X 1.6 MT saw a price hike of Rs160,000, taking the ex-factory rate from Rs3,749,000 to Rs3,909,000. The price of Altis X 1.6 AT has gone up by Rs170,000. Its new price is Rs4,099,000 compared to the previous price of Rs3,929,000.

Similarly, the price of Altix X 1.6 AT Special Edition is up by Rs200,000. It is now priced at Rs4,509,000. Corolla Altis 1.8 CVT, which previously cost Rs4,299,000, will now be priced at Rs4,499,000 with a hike of Rs200,000.

Corolla Altis 1.8 CVT SR saw a jump of Rs210,000, taking the price to Rs4,859,000 compared to the old rate of Rs4,649,000.

Likewise, Corolla 1.8 CVT SR (Black) got Rs.210,000 costlier, taking the price to Rs4,899,000, from Rs4,689,000.

Toyota Fortuner

Prices of the SUV Toyota Fortuner have gone up by up to Rs 580,000. The Fortuner 2.7 G previously cost Rs9,499,000, however, after an increase of Rs460,000, it now costs Rs9,959,000.

The prices of Fortuner 2.7 V, after a jump of Rs510,000, have surged to Rs11,459,000. The price of Fortuner 2.8 Sigma 4 saw an increase of Rs550,000. Its new price is Rs12,039,000, against old price of Rs11,489,000.

Similarly, Fortuner Legender, previously at Rs12,099,000, now costs Rs12,679,000, after a hike of Rs580,000.

Other cars

Meanwhile, Toyota Yaris saw a price hike of as much as Rs160,000 on its 1.5 MT and CVT variants.

The Revo variants saw a jump in rates by as much as Rs410,000 for the Rocco variant, which is now priced at Rs9,729,000.

Details of the price increase, and other terms/conditions are listed below.

IMC had earlier increased prices in the last week of March, citing rupee devaluation and rising freight charges as reasons.

Read the story here: Indus Motor jacks up Toyota car prices by as much as Rs1.257mn

IMC reported a profit-after-tax of Rs10.17 billion in six months of the ongoing fiscal year (July-December 2021), translating into earnings per share (EPS) of Rs129.45. In the same six-month period of the previous year, its profit-after-tax stood at Rs4.8 billion (EPS of Rs61.08). However, the company’s gross margins declined by 320bps on a quarterly basis, from 10.8% in July-September 2021 to 7.6% in October-December 2021, raising expectations that a price-hike from the carmaker was imminent.

Also read: Overall auto market to contract 10-15% as car prices come under pressure: Indus Motor CEO