KARACHI: Indus Motor Company (IMC) has raised prices of
Toyota Corolla and other high powered engine vehicles by Rs20,000 to
Rs50,000.
The increase would be effective from Sept 1.
The company linked the increase in prices to depreciation of rupee against yen and dollar. After the increase in prices by the IMC, other companies may also follow suit.
The new ex-factory price of Corolla XLI and XLI LE is Rs1,571,500 and Rs1,586,500 while GLi and GLI LE will be available at Rs1,707,500 and Rs1,732,500, respectively. Altis MT and Altis MT S/R will carry new price of Rs1,952,500 and Rs2,052,500.
Vigo Champ-V and Vigo Champ-G new price is Rs3,332,500 and Rs3,533,500. Toyota Hilux-E model price has been raised to Rs3,004,500.
An IMC official attributed the main reason of increase in prices to losing value of rupee against major currencies, coupled with rising power and gas tariff.
He said the company had not fully passed on the impact of exchange rate and utility price hike.
He recalled that the company had last raised the price in July 2012 due to exchange rate difference, coupled with introduction of Euro-II models.
However, he said that the IMC had been facing problems as the company had observed five to six non-production days (NPDs) in August in which production was down by at least 25 to 30 per cent from the plant production capacity.
Because of lingering low demand, the company plans to observe six to seven NPDs in September owing to slowdown in production by 40pc from the plant production capacity.
All manufacturers, including IMC, had already passed on the impact of one per cent hike in GST to 17 from 16pc in 2013-2014 budget to consumers.
The increase would be effective from Sept 1.
The company linked the increase in prices to depreciation of rupee against yen and dollar. After the increase in prices by the IMC, other companies may also follow suit.
The new ex-factory price of Corolla XLI and XLI LE is Rs1,571,500 and Rs1,586,500 while GLi and GLI LE will be available at Rs1,707,500 and Rs1,732,500, respectively. Altis MT and Altis MT S/R will carry new price of Rs1,952,500 and Rs2,052,500.
Vigo Champ-V and Vigo Champ-G new price is Rs3,332,500 and Rs3,533,500. Toyota Hilux-E model price has been raised to Rs3,004,500.
An IMC official attributed the main reason of increase in prices to losing value of rupee against major currencies, coupled with rising power and gas tariff.
He said the company had not fully passed on the impact of exchange rate and utility price hike.
He recalled that the company had last raised the price in July 2012 due to exchange rate difference, coupled with introduction of Euro-II models.
However, he said that the IMC had been facing problems as the company had observed five to six non-production days (NPDs) in August in which production was down by at least 25 to 30 per cent from the plant production capacity.
Because of lingering low demand, the company plans to observe six to seven NPDs in September owing to slowdown in production by 40pc from the plant production capacity.
All manufacturers, including IMC, had already passed on the impact of one per cent hike in GST to 17 from 16pc in 2013-2014 budget to consumers.
