Toyota announces second price hike in less than 20 days due to economic uncertainties

Toyota Indus Motor Company (IMC) has announced a second price increase for its vehicles in January 2023, following a significant depreciation of the Pakistani rupee against the US dollar.

According to the company’s statement, they are facing difficulties in maintaining their current prices due to the economic uncertainties and volatility of the PKR.

“This situation has made it extremely difficult for IMC to hold on to the current retail selling prices, and therefore, we are compelled to pass on some impact to the market,” the company said in a statement.

Toyota also stated that the price increase is subject to change and that the prices in effect at the time of delivery will continue to apply to all orders.

“Any change in government levies and taxes (including FED, Sales Tax, CVT, etc.), tariffs, fiscal policies, import policies, etc., will be on the account of the customer,” the automaker said.

This latest price increase for Toyota vehicles comes at a time when Pakistan’s economy is already struggling. Moreover, experts believe that this won’t be the only price hike, as the continued volatility of the PKR will pressure other manufacturers and importers as well.

Here are the new prices of all cars: