There are rumors going around that Indus Motor Company (IMC) might increase Toyota Car Prices in Pakistan as the US Dollar continues its upward trend against Pakistani Rupee. According to PakWheels, Toyota is expected to increase its car prices by up to Rs. 1.2 million for various locally assembled as well as imported (CBU) vehicles.
The reason behind the massive hike in Toyota Car Prices in Pakistan is the increased freight cost for raw materials as well as the record depreciation of Pakistani currency against the US Dollar. The Pakistan Rupee has fallen to Rs. 181 against the US Dollar on 21 March 2022 and it is expected to decline further in the coming weeks.
Expected Increase in Toyota Car Prices in Pakistan
According to the report, Toyota Car Prices are expected to increase by:
Rs. 3-3.5 lacs
Toyota Corolla Altis
Rs. 4-5 lacs
Rs. 8-9 lacs
Rs. 10-12.5 lacs
It is pertinent to mention that Indus Motor Company (IMC) had already increased the prices of all Completely Built Units (CBUs) being imported into Pakistan earlier this month, but since the Pakistani Rupee continues to decline, another increase in prices is expected alongside locally assembled vehicles.
Furthermore, Proton Pakistan has also increased the price of X70 SUV, while KIA Lucky Motors announced a price hike for its locally assembled vehicles earlier this month. Meanwhile, Honda Atlas is also expected to follow with the price hike for its vehicles because of the market conditions.