The domino effect of car price hikes has officially begun. After Pak Suzuki revised the prices of its vehicles, the Toyota Indus Motor Company (IMC) followed suit.
Like Pak Suzuki, the price hikes of Toyota IMC’s vehicles are also due to the revised Federal Excise Duty (FED) and Sales Tax rates on locally assembled vehicles.
Effectively immediately, the new prices are:
|Variants||Old Price (Rs.)||Revised Price (Rs.)||Increase (Rs.)|
|1.3 Gli M/T||2,549,000||2,612,000||63,000|
|1.3 Gli CVT||2,749,000||2,817,000||68,000|
|1.3 ATIV M/T||2,679,000||2,745,000||66,000|
|1.3 ATIV CVT||2,849,000||2,919,000||70,000|
|1.5 ATIV X M/T||2,899,000||2,970,000||71,000|
|1.5 ATIV X CVT||3,099,000||3,175,000||76,000|
|Altis 1.6 M/T||3,299,000||3,380,000||81,000|
|Altis 1.6 A/T||3,449,000||3,534,000||85,000|
|Altis SE 1.6 A/T||3,799,000||3,892,000||93,000|
|Altis 1.8 CVT||3,779,000||3,872,000||93,000|
|Altis 1.8 Grande CVT||4,079,000||4,179,000||100,000|
|Altis 1.8 Grande CVT Black Interior||4,099,000||4,199,000||100,000|
|Revo G 2.8 M/T||6,759,000||6,947,000||158,000|
|Revo G 2.8 A/T||7,109,000||7,306,000||167,000|
|Revo V 2.8 A/T||7,779,000||8,030,000||181,000|
|Fortuner G A/T||8,149,000||8,569,000||390,000|
|Fortuner V A/T||9,399,000||9,941,000||452,000|
|Fortuner Sigma 4 A/T||9,849,000||10,392,000||473,000|
Toyota IMC had enacted its previous price hike in November 2021, citing significant devaluation of the Pakistani Rupee against the US Dollar, increased freight charges, and inflated raw material costs as the factors behind it.
Based on the Ministry of Finance’s recommendation in December 2021 to raise the tax rates on locally assembled cars, CEO of Toyota IMC, Ali Asghar Jamali, remarked that the car industry requires a stable policy to continue progressing steadily.
More car companies are expected to increase prices as the mini-budget continues its assault on both the industry and buyers.