With Rupee losing its value, import bills are directly affected and this has consequently, lead to surge in prices. The rupee devaluation has also hit the automobile industry and they have seen to be revising the prices.
Indus Motors Increased Prices of Toyota Cars in Pakistan, in 1300cc to 1600cc category. According to the sources other companies are also in a process to raise the prices.
Toyota Cars in Pakistan witnessed following change: price of Altis 1.6 from Rs2.14million to Rs2.19million. Similarly, Price of Toyota Corolla Xli has been set to Rs1.81m from Rs1.75 earlier. Toyota Corolla GLi price has been revised to Rs1.94m from previously Rs1.88m. New price of Toyota GLi Auto transmission will be Rs2.02million against Rs1.96million earlier.
The import bill has also increased to $329million in this quarter (July-November) compared to $262 in same quarter last year, this include kits that are completely knocked down and semi knocked. CEO of Indus motors, also pointed toward the rupee devaluation against dollar a root cause for rise in prices of imported material which eventually pushes the industry to accommodate the price accordingly.
In a recent market perspective shared by some sources have predicted that, change in import duties and formalities involved in acquiring imported vehicle will reduce imported cars significantly.
Automobile sector will also experience variety of other models by early 2018. Government has encouraged the companies to install assembling plants and for this they will be duly facilitated and compensated.