ISLAMABAD: As the US dollar has lost a significant value versus Pakistani rupee (PKR) in recent weeks, the Indus Motor Company (IMC/Toyota brand) and Pak-Suzuki Motor Company have reduced the prices for their cars. Toyota has reduced prices of its completely-knocked-down (CKD) vehicle models by as much as Rs1.1Million.
A day after announcement by Toyota, Pak-Suzuki Motors company also announced reduction in the prices of its cars from Aug 16, 2022.
Analysts are of the opinion that other big companies would also follow the pattern of Toyota/Suzuki and announce a significant cut in prices of their products with the aim to pass on to consumers the benefits of reduction in dollar’s value in the country.
Like Toyota, Pak-Suzuki Motor Company, Atlas Honda, Nissan and other car producers are expected to announce immediate cut in vehicles prices.
Below is a detail of new and old prices of different models of cars of the company.
| Variant | Old price | New Price |
|---|---|---|
| YARIS GLi M/T 1.3 | Rs3,799,000 | Rs3,539,000 |
| YARIS GLi CVT 1.3 | Rs4,039,000 | Rs3,769,000 |
| YARIS ATIV M/T 1.3 | Rs3,999,000 | Rs3,729,000 |
| YARIS ATIV CVT 1.3 | Rs4,209,000 | Rs3,929,000 |
| YARIS ATIV X M/T 1.5 | Rs4,309,000 | Rs4,009,000 |
| YARIS ATIV X CVT 1.5 | Rs4,569,000 | Rs4,259,000 |
| Variant | Old price | New Price |
|---|---|---|
| Corolla 1.6 M/T | Rs4,899,000 | Rs4,569,000 |
| Corolla 1.6 A/T | Rs5,139,000 | Rs4,789,000 |
| Corolla 1.6 A/T UPSPEC | Rs5,639,000 | Rs5,279,000 |
| Corolla 1.8 CVT | Rs5,679,000 | Rs5,269,000 |
| Corolla 1.8 CVT SR | Rs6,189,000 | Rs5,709,000 |
| Corolla 1.8 CVT SR (BLACK) | Rs6,149,000 | Rs5,749,000 |
| Variant | Old price | New Price |
|---|---|---|
| REVO G 2.8 M/T | Rs9,819,000 | Rs9,169,000 |
| REVO G AUTO 2.8 | Rs10,299,000 | Rs9,609,000 |
| REVO V AUTO 2.8 | Rs11,349,000 | Rs10,599,000 |
| REVO ROCCO | Rs11,999,000 | Rs11,179,000 |
| Variant | Old price | New Price |
|---|---|---|
| FORTUNER 2.7 G | Rs12,489,000 | Rs11,579,000 |
| FORTUNER 2.7 V | Rs14,279,000 | Rs13,259,000 |
| FORTUNER 2.8 SIGMA 4 | Rs15,069,000 | Rs13,969,000 |
| FORTUNER LEGENDER | Rs15,839,000 | Rs14,699,000 |
Meanwhile, in a notification issued to its dealers, Pak Suzuki announced reduction in prices and stated that “the rates are subject to change without any prior notice and prices at the time of delivery shall apply”.
“Any government taxes and levies applicable at the time of delivery shall be borne by the customers,” the notification read.
The company decreased the price of its Alto VX model by Rs90,000 to Rs1.699 million. The car was earlier available at Rs1.789 million.
Meanwhile, the company cut the price of Wagon-R VXR variant by Rs128,000 while the rate of Wagon-R AGS model fell Rs147,000.
Similarly, the company slashed the prices of three variants of Cultus in the range of Rs125,000-145,000.
Pakistan’s auto sector depends highly on the import of completely knocked down (CKDs) auto parts to assemble cars in Pakistan. Therefore, carmakers jack up prices whenever rupee falls against the US dollar.
In the past 11 sessions, from July 28 to August 16, rupee has recovered persistently against the US dollar in the inter-bank market, finishing at Rs213.9 from its all-time low of Rs239.94.
However, according to the sales report by Pakistan Automotive Manufacturers Association (PAMA), Toyota suffered a decline in sales by 62% consequently.
