Toyota vehicles to increase in price yet again
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Indus Motor Company (IMC) is preparing to implement a 7% price hike across its entire range of vehicles. This decision stems from the devaluation of the local currency in relation to the US dollar. IMC's CEO, Ali Asghar Jamali, discussed the inevitability of this price increase during a conversation with a group of journalists at a local hotel on a Wednesday afternoon.
Jamali elucidated that the surge in vehicle prices was unavoidable due to a significant rise in production costs attributed to the unprecedented depreciation of the rupee. He highlighted the impact of a recent shift in the exchange rate, which has resulted in a roughly 9% increase in prices. IMC is diligently striving to mitigate this impact by implementing austerity measures and intensifying efforts to localize production. The company hopes to absorb up to 2% of the cost increase, while the remainder will be passed on to customers. In essence, the decision to raise vehicle prices is seen as the only viable course of action in response to these economic challenges.
