Toyota Pakistan halts bookings amid depreciation in Pak rupee’s value

KARACHI – The Indus Motor Company on Friday halted bookings of vehicle over the speedy depreciation in Pak rupee’s value by 7.5 percent in one go which resulted in substantial increase in the cost of components and raw materials for local parts.

The announcement was made in a ‘Public Notice’ received from the auto dealers.

It notified the general public that Indus Motor has topped order bookings for a few days, due to the recent depreciation in Pakistan Rupee value, which has resulted in substantial cost increase on account of C&F, government duties and taxes, imported components and raw materials for local parts.”The company is in the process of evaluating the impact of the same. Once the situation stabilizes, the company will resume order, bookings with the announcement of new prices, the notice reads.Already the company has increased the car prices by three times since the start of the year because of the rupee devaluation which now reached to almost 22 percent. The price rose by Rs 30,000 to approximately Rs 350,000 per unit.In June alone the company raised the price ranging Rs 50,000 to Rs 250,000. The company has increased prices of Corolla XLI and XLI AT by Rs50,000. XLI will now be sold at Rs1.94 million while XLI AT has crossed the Rs2-million mark and will be sold for Rs2.02 million.Prices of Corolla GLI variants have been increased by Rs100,000. The price of Corolla Altis 1.6 has been increased by Rs100,000 while prices of Altis 1.8 MT and CVT have been increased by Rs150,000. Fortuner High crossed the Rs6-million mark after its price was jacked up by Rs250,000 and it will now be sold for Rs6.1 million.Fortuner Diesel will be sold at a price higher by Rs 250,000. Prices of IMV variants have been increased in the range of Rs 110,000 to Rs200,000.The notice said that the company is always to take orders on partial payments and discourage customers to give orders on full payments. The company asserted that the buyers should not the provisional booking orders terms and conditions clearly state that the price to be paid by the customer is the one prevailing at the time of delivery of the vehicle for both parallel and full payments.Meanwhile deliveries scheduled for the month of October 2018 for which full payments have been received, the company will continue to deliver at the current retail prices.According to Pakistan Automotive Manufacturers Association a total of 26,650 cars of 1300cc or above category were sold in the quarter, up 9.5 percent against 24,343 units sold during the same period last year. Under the 1000cc category, a total of 12,718 units of Suzuki Cultus and Suzuki WagonR were sold in the quarter, up 16 percent against 10,970 units sold last year, PAMA data revealed.

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