Toyota increases prices of 3 models by up to Rs 50,000

Daily Times report by Abrar Hamza 

KARACHI: The Indus Motor Company (IMC) on Thursday has decided to increase its three models’ prices by around Rs 20,000 to Rs 50,000 on the pretext of adjusting higher dollar value, it was learnt on Thursday.

IMC’s internal sources while confirming the news said that IMC has decided to raise its three vehicles’ prices including Corolla XLI and GLI by Rs 20,000, Altis by Rs 37,000 and Champ by Rs 50,000.

All Pakistan Motor Dealers Association (APMDA) Chairman H M Shahzad while talking to Daily Times said that the company has not yet issued any statement regarding this to the dealers.

Shahzad said that there is a probability that the company will issue the statement on Friday (today). He strongly expressed dismay over the company’s decision of the upward revision in prices terming it absolutely unjustified as he was of the view that the local auto sector, which is already facing immense shortage of imported used cars owing to age limitation, would be left with less options to offer to the consumers as this increase will take the cars prices out of their range.

He urged the government that without consulting any stakeholder such price hikes should not be allowed as it completely shows that the multinational corporate giants do not consider local authorities.

The price increase for these three vehicles of Toyota company depends upon the model and trim level. The higher dollar prices’ affect on the local assemblers is beyond the comprehension as all of its parts and accessories come from Japan since the Japanese yen remained stable for last several months against the local currency, Shahzad added.

With the recent price hikes, the Vigo Champ 4X4 Standard price has increased by Rs 50,000 and reached Rs 3,025,000 from Rs 2,975,000, Vigo Champ G A/T prices increased to Rs 3,559,000 from Rs 3,509,000 and the price of Vigo Champ M/T has jumped to Rs 3,356,000 from Rs 3,306,000.

Similarly, Rs 37,000 addition in current prices of all Altis models has impacted differently on various models such as Altis M/T 1.6 price has reached Rs 1,969,000 from Rs 1,932,000, Altis M/T 1.6 Sunroof Rs 2,066,000 from Rs 2,029,000, Altis A/T 1.6 Rs 2,066,000 from Rs 2,029,000, Altis A/T 1.6 Sunroof Rs 2,157,000 from Rs 2,120,000, Altis Sportivo M/T Rs 2,129,000 from Rs 2,092,000 and Altis Sportivo A/T Rs 2,231,000 from Rs 2,194,000.

Likewise, with the addition of Rs 20,000 the Corolla GLI A/T Limited Edition (1.6L) prices amounted to Rs 1,905,000 from Rs 1,885,000 and GLI (1.3L) price has reached Rs 1,904,000 from Rs 1,704,000. Toyota Corolla XLi VVTi price has reached Rs 1,568,000 from Rs 1,548,000 by the recent price hike.

It is worth mentioning here that after the fiscal year 2013-14 budgetary measures all local auto assemblers had passed the impact of 1.0 percent increase in general sales tax (GST) and Federal Excise Duty 10 percent to the consumers by increasing prices by around Rs 49,000.

Prices for all other new Toyota vehicles remained the same. This price hike will be the first price hike announced by a local manufacturer during the current year but according to Shahzad it is understood that remaining local auto assembling companies will follow the verdict of IMC.

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