Indus Motor Company jacks up Toyota car prices yet again

Indus Motor Company (IMC), the assembler and seller of Toyota-brand vehicles in Pakistan, has increased prices of its cars yet again. The hike goes as high as Rs2.017 million and the new rates will come into effect from March 10.

In a letter sent to its dealers, the company notified the increase in price and cited economic uncertainties, exchange rate issues and increase in sales tax as reasons behind its decision.

“As you are aware, economic uncertainties and the extreme volatile situation of rupee against the dollar has adversely impacted the cost of manufacturing for IMC. This situation has made it extremely difficult for IMC to hold the current indicative retail selling prices,” the company said.

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“We are compelled to pass on some impact to the market. Additionally, the government of Pakistan vide Statutory Regulatory Order (SRO. 297(1)/2023) dated March 8 2023, has enhanced the rate of Sales Tax to 25% on all CKD vehicles with engine capacity of 1400cc and above (with exception of IMV-I Single Cabin), under Sales Tax Act 1990.”

Following the recent price hike, Toyota’s cheapest car Yaris 1.3MT will now sell for Rs4.499 million. The car saw its price rise by Rs183,000.

Indus Motor raises Toyota car prices for a third time in 2023

The high-end Toyota Fortuner Legender became costlier by Rs2.017 million and crossed the Rs20-million mark. The new price of the variant is Rs20.129 million.

The Corolla 1.6 MT will now be sold for Rs6.169 million after a price hike of Rs593,000.

Earlier, in a letter sent to its dealers on February 14, the company raised the prices of its cars by up to Rs890,000.