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