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.)|
|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|
|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|
|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|
|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|
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.