KARACHI, July 30 (Express Tribune): Indus Motor Company, the makers of Toyota in Pakistan, has decided to increase prices of passenger cars on account of the worsening macroeconomic situation in the country.
Global supply chain crisis and political uncertainty in Pakistan have contributed towards this bleak economic outlook.
"The price hike was very much on the cards due to the slippage of Pakistani rupee against the greenback," Ismail Iqbal Securities auto analyst Muqeet Naeem informed The Express Tribune.
The company has increased prices of its six variants of Corolla from Rs990,000 to Rs1.290 million.
Corolla Altis X Manual 1.6 litres is now available at the price of Rs4.899 million after a hike of Rs990,000.
The new price of Corolla Altis X Automatic 1.6 litres is Rs5.139 million after a hike of Rs1.040 million.
Corolla Altis X Automatic 1.6 litres Special Edition now costs Rs5.639 million after a jump of Rs1.130 million.
Indus Motor has increased the price tag of Corolla Altis X CVT-I 1.8 litres to Rs5.679 million from Rs4.499 million previously.
Corolla Altis Grande X CVT-I 1.8 litres with beige interior now costs Rs6.149 million from Rs4.859 million previously, which shows a jump of Rs1.290 million.
Corolla Altis Grande X CVT-I 1.8 litres with black interior saw the same hike and it now stands at a price tag of Rs6.189 million.
Since the last price hike in April 2022, the rupee has devalued by around 28 per cent. This has led to a significant price increase for Indus Motor cars, according to Ali Asif, an auto analyst at Aba Ali Habib Securities.
He contends that it is a matter of time before other industry players follow suit and increase car prices as well.
