Toyota Increases Car Prices By 10%

The new prices have come into effect from Monday.  

Lahore (UrduPoint / Pakistan Point News – 13th March, 2019) Renowned auto manufacturing company Indus Motor Company (IMC) has increased the prices of Toyota Corolla and Toyota Fortuner.

According to a company notification sent to dealers, the prices of its 1,700cc and above engine capacity vehicles have been increased by 10%.

The new prices have come into effect from Monday.

According to the new price list, Corolla Altis M/T is now priced at Rs 2.96 million while Corolla Altis A/T CVT-I will be available at Rs 3.10 million.

Moreover, price of Corolla Grande MT-SR has been increased to Rs 3.15 million and of Corolla Grande AT-SR CVT-I to Rs 3.30 million.

IMC’s Fortuner 4×4 – Sigma 4 (2.8 litres) diesel engine is priced at Rs 7.52 million while Fortuner 4×2 (2.

7 litres) petrol engine is priced at Rs 7.04 million.

Local automakers have already increased prices by 25% in the last 12 months due to depreciation of the rupee against the Dollar. About 70% of their parts are imported and paid for in Dollars.

Meanwhile, the government has made several amendments in auto sector, including the imposition of restriction on non-filers and increasing taxes (some reversed later), to increasing its tax revenue and bringing more people under the tax net.

In the latest amendment, the government had increased the Federal excise duty on imported luxury cars above 1800cc from the existing 20% (imposed in January) to 25% in supplementary budget. The duty on imported vehicles exceeding 3000cc engine capacity was raised to 30%, resulting in the increase in prices of cars.