Indus Motor Company (IMC), the manufacturer of Toyota cars in Pakistan, has announced a significant increase in prices for its entire lineup of cars.
According to a statement released by the company, the price hike is due to economic uncertainties and rising costs of raw materials and production.
The volatile situation in foreign exchange, increased utilities, and overhead expenses have also contributed to the cost of manufacturing for IMC.
The company has raised the prices of several popular models, including the Yaris ATIV X CVT 1.5, which has seen a jump of Rs350,000, and the Yaris 1.5 ATIV X MT variant, which has been increased by Rs330,000.
The price of Yaris ATIV CVT 1.3 has been increased by Rs310,000, taking the new price to Rs4.239 million, compared to its previous price of Rs3.929 million.
Yaris ATIV M/T 1.3 price has also seen an increase of Rs310,000 and now it costs Rs4.039 million, compared to its previous price of Rs3.729 million.
The price of Yaris GLI CVT 1.3 has increased by Rs 300,000, bringing the new price to Rs 4,069,000, compared to the previous price of Rs 3,769,000.
The price of Yaris GLI MT 1.3 has been increased by Rs280,000, making its new price Rs3.819 million.
The price of Corolla Altis Grande X CVT-i 1.8 (Beige Interior) has increased to Rs6.169mn, a hike of Rs460,000 from its previous price of Rs5.709mn.
The price of the Corolla Altis Grande X CVT-i 1.8 with black interior has increased to Rs 6.209 million, with a jump of Rs 460,000.
The new prices will be applicable on all new orders booked after January 12, 2023.
Despite the challenging market conditions and growing competition, IMC has managed to maintain its position as one of the most successful automobile brands in Pakistan.
However, recent data from PAMA shows that passenger car sales have decreased by 10.78% MoM and 43.74% YoY in December.
The demand for cars also remained subdued due to the new year, as many customers prefer to make purchases after the holiday season.