Indus Motor Company (IMC) has confirmed that Toyota cars will soon experience another price hike in Pakistan where the prices will increase by 5% across the country.
Ali Asghar Jamali, CEO IMC while talking to the annual industry workshop, organized by IMC in collaboration with Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) revealed; “Price will go up soon.”
This is not an unexpected outcome as the auto industry took a major hit after the government allowed the devaluation of rupee by 5 percent against dollars in the light of the widening current account deficit.
Most of the parts used in the automobiles are imported by the companies which have become more expensive due to the fall of rupee’s value against the dollar.
According to Jamali, rupee depreciation has increased the cost of production and the regulatory duties on the raw materials and increase in the prices of including steel, fuel, copper and other factors have contributed to the increase in the retail prices of Toyota cars.