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