*ISLAMABAD – The Indus Motor Company which assembles Toyotas in Pakistanhas reportedly decided to increase the prices of cars by at least 100,000for each unit.*
*Toyota has stopped booking new orders for its range of cars, according toan ad published in the newspapers on Friday.*
The maker of the Toyota Corolla is reviewing its price structure due to therecent depreciation in the rupee’s value, which has increased its cost ofproduction. The dollar rose 7.4% to Rs133.6 on Tuesday, up from Rs124.3 ofthe previous day, raising the costs for the company as it pays for importsof raw material in dollars.
The company says it is evaluating the impact of the increase in theexchange rate and will resume bookings after the announcement of the newprice.
The company said the deliveries scheduled for October for which fullpayments have been made will not see any increase in price.
The company is in the process of evaluating the new price, but marketanalysts say they see a 5% hike in the prices.
This means the 1300 cc Corolla, whose starting price is Rs1.9 million, maycost an additional Rs100,000 to those who plan to buy it but have notbooked it yet.