Up to Rs1.2m price hike shocks Toyota buyers

E-Paper | March 18, 2026

KARACHI: Indus Motor Company (IMC) on Tuesday gave a massive price shock of up to Rs1.257 million, with the new retail prices effective on all new orders booked from March 23.

The company attributed the latest hike to sudden devaluation of Pakistani rupee, massive increase in prices of commodities and freight which pushed up the rates of completely-knocked down kits and local parts cost along with the increase in prices to the company’s vendors.

Other assemblers are also likely to follow suit shortly.

In a circular to its authorised dealers, IMC said the situation has made it extremely difficult for the company to hold the current retail selling prices, thus compelling it to pass on some impact to the market.

The highest increase has been witnessed in Toyota Fortuner Legender whose prices soared to Rs12.099m from Rs10.842m while the new price of Fortuner LO Petrol, Fortuner High Petrol and Fortuner Diesel are Rs9.499m, Rs10.949m and Rs11.489m, up by Rs930,000, Rs1.008m and Rs1.097m respectively.

New prices of Toyota Corolla models 1.6MT, 1.6AT, 1.6ATUSPEC. 1.8CVT, 1.8CVT SR and 1.8CVT SR (Black) are Rs3.749m, Rs3.929m, Rs4.309m, Rs4.299m, 4.649m and Rs4.689m, showing a rise from Rs369,000 to Rs490,000.

By increasing the price by Rs287,000 to Rs324,000, the new rates of Toyota Yaris 1.3MT, 1.3CVT, 1.3 HMT, 1.3 HCVT, 1.5MT and 1.5CVT are Rs2,899m, Rs3.109m, Rs3.059m, Rs3.229m, Rs3.289m and Rs3.499m, respectively.

Revo GMT, GAT, VAT and VAT ROCCO now carry new rates of Rs7.659m, Rs8.029m, Rs8.839m and Rs9.319m, up by Rs712,000, Rs723,000, Rs807,000 and Rs847,000.

The company said all outstanding orders in the system as of March 22 with committed delivery month till June 2022 against which full payment is received through courier service, on or before April 10, 2022 will be invoiced at current retail sales price.

In case of Corolla and IMVs, for the payment received by the dealerships with financial instruments dated March 10, 2022 or before, for which orders will be opened in the system after order intake resumes, booked and submitted through courier service by March 30, 2022.

Following terms and conditions would apply like full retail price payments (instrument date on or before March 10) received by the dealerships irrespective of committed delivery month, these will be invoiced at current retail sales price on a special approval and secondly, partial retail sales price payments (instrument date on or before March 10) received by dealerships with committed delivery month July 2022 onwards, and subsequently against which full payment is received through courier service before or on May 10 2022, these orders will be invoiced at 50pc retail sales price.

Published in Dawn, March 23rd, 2022

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Business

Aamir Shafaat Khan is a Karachi-based reporter for Dawn with over 25 years of experience. He covers trade and industry, with a particular focus on market surveys, food inflation, commodity prices, the automobile sector and broader industrial issues.

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Bayar

Mar 23, 2022 12:04pm

Govt. should open import of vehicles, these cars would be cheaper and of much superior quality as compared to the junk being produced by the local car makers at much higher price, which is going up day by day.

Recommend 0

Ali Sabir

Mar 23, 2022 12:44pm

... Toyotos are the world's most popular car. Those who can must pay the price for it.

Recommend 0

Mansur Ul Haque

Mar 23, 2022 12:46pm

Principals of Toyota and local manufacturers are minting money. Increase in prices should reduce sale of cars. We are spending huge amount for import of cars. Since how many years Toyota has installed car manufacturing plant. How much amount has been spent on the import of parts since then and what percentage of deletion program has been successfully completed. When will 100% manufacturing/ export will be done?

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Dr. Salaria, Aamir Ahmad

Mar 23, 2022 12:56pm

Joke of the century.

Recommend 0

Real.Pakistani

Mar 23, 2022 01:07pm

Just a car monopoly, they've been in Pakistan for so many decadey& still haven't been able to localize most of the parts. Not only this, they're a massive part of car mafia!

Recommend 0

MAK

Mar 23, 2022 01:19pm

This is yet another example of lack of any governance framework to control the unbounded greed of local auto franchises. They are still enjoying the monopoly. When one company jacks up prices all other follow. Everybody knows that the rise in the prices of commodities and freight charges is temporary, the fall in currency value is less than 1 percent than the previous peak. All these things will settle in a month or two when the Ukraine crises end. But nobody has ever decreased prices and never would they. All automakers enjoying the benefit of high demand to supply ratio. Until and unless Govt puts some restrictions in the form of penalties / restrictions this is going to continue. And the only sufferer would be common man and not IK's incompetent govt.

Recommend 0

Mansoor

Mar 23, 2022 01:22pm

Toyota cars in Pakistan are substandard. They can't withstand even minor accidents. In foreign, cars are tested for the accidents, but in Pakistan, human life is the cheapest. Pakistan is the only market in the world where substandard products are not only allowed to be sold but also on high prices. It's pathetic.

Recommend 0

timetostopthis

Mar 23, 2022 01:52pm

Not their fault if your currency keeps depreciating!!

Recommend 0

Captain

Mar 23, 2022 02:12pm

Only buyers have to pay

Recommend 0

Shiraz

Mar 23, 2022 02:12pm

EDB should take action. It is day light robbery going on. Dollar devaluation, freight and commodity prices have not increased as much as the increase in prices.

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Dr. Salaria, Aamir Ahmad

Mar 23, 2022 02:22pm

Like all other products and services, it was a golden chance for them to increase their prices under the guise of Covid-19. However, there are seldom chances of bringing the prices down after normalcy returns because what goes up, never comes down in the commercial industries of South Asia in general and the "Land of the Pure" in particular.

Recommend 0

Abdullah

Mar 23, 2022 02:23pm

With such devalued currency why did they get shocked.

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Rashid Khan

Mar 23, 2022 03:32pm

Naya Pakistan....everyone looting without any checks

Recommend 0

Fazal

Mar 23, 2022 03:39pm

Beginning of Hyperinflation. IK may have printed a lot before his exit

Recommend 0

Zaraq Khan

Mar 23, 2022 03:42pm

They always have excuses.

Recommend 0

Bayar

Mar 23, 2022 03:43pm

@ Mansur Ul Haque, Govt should step in regulate the pricing of locally manufacturing of vehicles in Pakistan, now it’s Toyota and it will be followed by other local motor companies.

Recommend 0

Dr. Chamcha Assis

Mar 23, 2022 04:13pm

Welcome to 'Naya " Pakistan folks.

Recommend 0

LAHORI KID

Mar 23, 2022 04:21pm

Start buying Toyota on the old price with dollars, and I’ll show you how to bring dollar into play and raise the value of Rupee in a matter of days. In todays world any excuse works

Recommend 0

Constantine

Mar 23, 2022 04:23pm

Pakistan should just go green. Ride horses, bullock carts, bicycles or donkeys.

Recommend 0

Syed A. Mateen

Mar 23, 2022 04:42pm

Pakistan should cancel all currency notes of rupee denominations and should print new currency notes having dollar denomitions with picture of Quaid-Azam on it in order to keep US Dollar with Pakistani Dollar in parity. One US dollar should be equivalent to one Pakistani Dollar. This is the only way left to keep the US dollar and Pakistani dollar in parity and at the same time will also beat rising inflation due to which it has become most difficult thing to survive in present circumstances.

Recommend 0

Usman Ansari

Mar 23, 2022 04:43pm

@Abdullah, Currency dropped by 2%. Prices went up around 10%. There’s no link.

Recommend 0

Syed Hasni

Mar 23, 2022 04:43pm

It's the right Ride in Pakistan we just have to negotiate the right price.

Recommend 0

Nasir S.

Mar 23, 2022 04:45pm

Selling junk cars for twice the value in the GCC. Better to open import, switch to right hand drive and make up for the so called local production by increased sales volume, additional maintenance and selling of spares and tires. The country will save lives using more safer cars and less pollution. In addition, people can spend their disposable income on other activities improving the economy.

Recommend 0

Asma

Mar 23, 2022 04:50pm

We should foucs on what we are good at. Ban all luxury imports and focus on next gen technology i.e electric cars

Recommend 0

Mar 23, 2022 04:50pm

Open up import of overseas cars is the answer to get quality belt cars.

Recommend 0

Mar 23, 2022 05:18pm

Boycott all car makers only solution

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asad

Mar 23, 2022 05:20pm

if car manufacturers are having record sales, it only makes sense to keep testing the buying power of customers and they have always succeeded in it. This will keep going until sales are affected. If sales are affected then forget passing increasing cost to customer they will even have reduce their margins. So far market always responds positively to a price hike, it seems so.

Recommend 0

nnb

Mar 23, 2022 05:39pm

why complain , we are growing rapidly with increasing GDP and per Capita income , thanks to one of the best managed economy of the world. Our Citizens can afford this miniscule increase.

Recommend 0

Mar 23, 2022 05:51pm

Considering velocity of fall of Pakistani Rupee, it is wise to buy asap at this rate and save

Recommend 0

Seedoo

Mar 23, 2022 05:58pm

This is what happens when you install assembly plants that only assemble cars from imported knock down kits and with a token of locally made non-high tech parts. How many years has Suzuki been assembling cars in Pakistan, and their poor quality and lack of innovation are legendary. We would be much better off if there were right incentives in place for Pakistan to design and manufacture it's own cars.

Recommend 0

Eternal_Dharma

Mar 23, 2022 06:09pm

Welcome to global markets Pakistan. Keep fighting with everyone under the pretext of some made up phobias and your currency will continue to drop until it becomes worthless.

Recommend 0

Jehanzeb Ahmad

Mar 23, 2022 06:12pm

This is because interest rate is being kept below inflation to fuel growth. People have realized that there is no point in savings as you get just 8% return. Its better to hoard stuff, be it cars, cement or steel and you make more than 8%. Booking cars and selling on profit is now a business, just like investing in plots is. We are following Turkey and the results would be same as well.

Recommend 0

Asif Waheed

Mar 23, 2022 06:39pm

@nnb, Bhai we are discussing Pakistan not Germany

Recommend 0

Hammad

Mar 23, 2022 06:42pm

There is no stop to this price increase. Wonder when will this stop. The government has completely ignored the auto sector like it has ignored others.

Recommend 0

Ather

Mar 23, 2022 06:43pm

It does not matter what the price is. The corrupt who loot money from the poor will still buy these vehicles.

Recommend 0

Abdul Chaudhry

Mar 23, 2022 07:06pm

The basic principle of economics, supply and demand, at play! Keep the government out of fixing prices.

Recommend 0

Asad Rehman

Mar 23, 2022 07:41pm

@Bayar, completely agree. The quality control of these local made cars is so appalling and dangerous that no one should trust them. Its more than looks of the vehicle. Besides, the monopoly of these three brands should end, enough is enough.

Recommend 0

Alla Bux

Mar 23, 2022 07:48pm

99% of Pakistanis can not afford these cars. So, who cares?

Recommend 0

Mar 23, 2022 07:58pm

Surprisingly these cars are not in quality of Toyota internationally and are just pieces of tin thin sheet metal and cheap plastic.

Recommend 0

Tariq Choudry

Mar 23, 2022 08:29pm

Where is parts localisation? Government must open imported cars. There is no point of having factory screwing the car back from parts. This is not called manufacturing.

Recommend 0

Asfand Iqbal

Mar 23, 2022 08:58pm

Let people who can afford pay. Government should encourage upto 1000 cc cars. Luxury cars should be completely banned or buyers must pay high cost plus should justify income and source of funds

Recommend 0

Mar 23, 2022 10:14pm

what is the price of corolla in USD?

Recommend 0

Yaqoot Mir

Mar 24, 2022 08:18am

Total junk dumped as kits on pakistan by the Japanese tell them to close shop and leave. No need for expensive scrap from Japan. Toyota should manufacture these vehicles here at least 50% of the car needs to be made in pakistan otherwise ask them to heave.

Recommend 0

Aapne Ghabrana hai

Mar 24, 2022 10:20pm

It has been 75 years, and we still cannot make a car in this country.

Recommend 0

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