The News reported on Tuesday that Indus Motor Company (IMC), which assembles Toyota vehicles in Pakistan, has reduced prices by up to 8.3%, or Rs1.31 million, as of October 24 in order to pass the benefits of the rupee’s recent strengthening against the dollar on to customers.
The company, which sells Toyota‘s Yaris, Corolla, Revo, and Fortuner, notified dealers about the revised rates through a message, according to a report released on Wednesday.
The action comes after MG Motors and Lucky Motor Corporation declared earlier this month that the cost of their cars will be dropping.
The 1.3MT LO, the base Yaris model, has decreased by Rs100,000, or 2.2%. At present, the cost is Rs4.399 million. Meanwhile, after an Rs120,000 price reduction, the 1.5 CVT Aero, the model at the top of the lineup, would now retail for Rs5.849 million.
The price of the Toyota Corolla version has been lowered to Rs250,000 from Rs 200,000. The price of Toyota’s pickup vehicle, the Revo, has dropped to Rs790,000.
Fortuner’s top models, the Legender and GRS, had price reductions of Rs1.13 million and Rs1.19 million, respectively, to below Rs20 million.
Among all the models, the Fortuner G4x2 Petrol STD saw the biggest price reduction, down Rs1.31 million, or 8.3%, to sell for Rs14.499 million.
Since hitting a historic low of 307.1 versus the US dollar last month, the rupee has appreciated by more than 10. The caretaker government’s crackdown on hoarders and smugglers to stop illegal outflows resulted in the rupee’s recovery and stabilization vs the US dollar.
Since last year, when import curbs were put in place by the government to stop currency outflows, the auto industry has been struggling. Some automakers were forced to reduce output and temporarily close plants as a result of the measures, which caused a severe decline in demand and production.
The auto industry, which has been suffering from high costs and poor demand and is largely dependent on imports of parts and raw materials, has seen less pressure as a result of the currency’s gain.
Auto sales fell precipitously in the first quarter of the fiscal year 2023–2024, according to data from the Pakistan Automotive Manufacturers Association (PAMA), as the industry was burdened by high costs, costly financing, and sluggish customer demand.
Between July and September of last year, car sales decreased 44% to 16,021 from 28,571 units, while sales of SUVs, pickup trucks, and jeeps fell 23% to 4,962 from 6,431 units.
With the exception of tractors, which witnessed a 64% increase in sales to 12,090 units from 7,368 units, indicating a resurgence in the agriculture sector, all other segments suffered declines.
Even while August and September saw a month-over-month improvement as automakers increased production and some of the problems associated with the import of completely knocked down (CKD) kits subsided, the poor performance persisted
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