With the local currency value nosediving, inflation in Pakistan is at an all-time high. The car industry, in particular, is in shambles due to the economic meltdown.
In a recent development on that front, Toyota has increased the prices of its completely built-up (CBU) imported cars by huge margins. Effective immediately, the new prices are as follows:
| Models | Old Price (Rs.) | New Price (Rs.) | Increase (Rs.) |
| Camry | 47,559,000 | 53,859,000 | 6,300,000 |
| Prado 2.8 M/T | 52,119,000 | 59,109,000 | 6,990,000 |
| Prado 2.8 A/T | 59,359,000 | 67,249,000 | 7,890,000 |
| Prado 4.0 A/T | 84,429,000 | 95,579,000 | 11,150,000 |
| Land Cruiser J300 A/T | 138,319,000 | 156,829,000 | 18,510,000 |
From March 24, 2023, to March 27, 2023, Toyota IMC shut down its production plant again, citing the non-issuance of LCs and the resultant inventory shortage. The frequent shutdowns and price hikes are taking a toll on new car sales.
According to February’s report from Pakistan Automotive Manufacturers Association (PAMA), carmakers (association members only) collectively sold just 5,762 vehicles in February 2023, witnessing a month-over-month (MoM) decrease of 47%, but a year-over-year (YoY) decrease of 73%.
Car financing also went down for the 8th consecutive month due to diminished sales. Experts reckon that the situation will remain bleak for the foreseeable future.
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Muhammad hussain