Indus Motor, the maker of Toyota brands in Pakistan, has made upward revision in the prices of its different variants from Rs 15,000 to Rs 30,000 leaving no choice for customers who wanted to buy cheap local cars after increase in the prices of imported cars.
The company has passed on the impact of the recent increase in custom duty on CKD and imported parts by 1% as per notification of Federal Board of Revenue (FBR) “SRO 1178(I)/ 2015” which was issued on the directives of the tax-hungry Federal Government
Indus Moto flagship brand of Corolla witnessed an overwhelming response from local customers with sales up by 45 percent in the period of July to October 2015. The numbers of Corolla sold out is standing at 18,424 units as compared to 12,645 units sales recorded in the corresponding period of last year, according to statistics from Pakistan Automotive Manufacturers Association (PAMA).
The tremendous jump in the sales was reported due to introduction of new Corolla model “Grande” by the company, which is showing high demand in the local market with customers having to wait two to three months after making full-payment to the company.
According to the official statement, the new prices will be applicable with immediate effect for booking of new orders to be delivered from January 2016 onwards whereas the company will absorb the incremental costs on balance orders of vehicles booked till 3rd December, 2015.
The company has kept the prices stable for more than a year while absorbing most of the increased cost of production on account of continuous rupee depreciation and increasing utility expenses, the statement said.