As if the deteriorating economy wasn’t painful enough, one of the biggest car makers in Pakistan has announced massive price hikes for certain Corolla and Hilux models.
The new price hike bomb was dropped via notification by Toyota, with the company blaming increasing manufacturing costs thanks to the increasing USD exchange rate and “increase in utilities and overheads”.
Here are the new prices for the cars affected by the hike:
| Model | Old Price | New Price | Price Difference |
| Corolla 1.6 CVT | Rs. 4,789,000 | Rs. 4,979,000 | Rs. 190,000 |
| Corolla 1.6 CVT Special Edition | Rs. 5,279,000 | Rs. 5,479,000 | Rs. 200,000 |
| Hilux | Rs. 8,449,000 | Rs. 9,069,000 | Rs. 620,000 |
| Hilux Revo G 2.8 | Rs 9,169,000 | Rs. 9,839,000 | Rs. 670,000 |
| Hilux Revo G 2.8 Automatic | Rs. 9,609,000 | Rs. 10,309,000 | Rs. 700,000 |
Toyota has increased car prices by 32-37% since January 2022 for its cars across the board. This new price hike on top of that throws aspiring Toyota customers out of the frying pan into the fire.
However, do note that despite the increasing car prices, the companies aren’t doing all that well financially. Toyota reported a huge 76% decline in profits during Q1 FY 2023, mostly due to import restrictions imposed by the State Bank of Pakistan to reduce the burden on the economy.
Will other automakers follow suit and increase prices as well? It’s very likely and we’ll know for sure in the next few weeks.