Following Kia’s footsteps, Toyota Indus Motor Company (IMC) has announced a massive price hike for all locally assembled cars. This is the company’s first price hike this year and its biggest one yet, due to depreciating local currency, rising freight charges, and material costs.
Effective immediately, the new prices are as follows: *Variants* *Old Price (Rs.)* *Revised Price (Rs.)* *Increase (Rs.)* *Toyota Yaris* 1.3 Gli M/T 3,039,000 3,799,000 760,000 1.3 Gli CVT 3,249,000 4,039,000 790,000 1.3 ATIV M/T 3,209,000 3,999,000 790,000 1.3 ATIV CVT 3,379,000 4,209,000 830,000 1.5 ATIV X M/T 3,449,000 4,309,000 860,000 1.5 ATIV X CVT 3,659,000 4,569,000 910,000 *Toyota Corolla* Altis 1.6 M/T 3,909,000 4,899,000 990,000 Altis 1.6 A/T 4,099,000 5,139,000 1,040,000 Altis SE 1.6 A/T 4,509,000 5,639,000 1,130,000 Altis 1.8 CVT 4,499,000 5,679,000 1,180,000 Altis 1.8 Grande CVT Beige Interior 4,859,000 6,149,000 1,290,000 Altis 1.8 Grande CVT Black Interior 4,899,000 6,189,000 1,290,000 *Toyota Hilux* Revo G 2.8 M/T 7,989,000 9,819,000 1,830,000 Revo G 2.8 A/T 8,379,000 10,299,000 1,920,000 Revo V 2.8 A/T 9,229,000 11,349,000 2,120,000 Revo Rocco 9,729,000 11,999,000 2,270,000 *Toyota Fortuner* Fortuner G A/T 9,959,000 12,489,000 2,530,000 Fortuner V A/T 11,459,000 14,279,000 2,820,000 Fortuner Sigma 4 A/T 12,039,000 15,069,000 3,030,000 Fortuner Legender 12,679,000 15,839,000 3,160,000 More Price Hikes Expected
Due to global logistical challenges, increasing freight costs, and depreciating local currency, the price hikes will continue. True to Toyota IMC CEO Ali Asghar Jamali’s prediction, Toyota IMC increased the prices of its vehicles, which will likely prompt other automakers to do the same.
Furthermore, the entire car industry is facing a severe production crunch due to delayed approval of the letter of credit for the import of CKD kits. All of these factors combined are likely to have a severe impact on the auto industry.