Tag: Toyota

  • Toyota IMC increases car prices by up to Rs2 million due to GST hike

    Toyota IMC increases car prices by up to Rs2 million due to GST hike

    Indus Motor Company (IMC) has increased the prices of all Toyota vehicles in Pakistan due to the recent hike in the General Sales Tax (GST) from 18 per cent to 25 per cent by the Federal Government. The models affected by the price hike include Toyota Yaris, Toyota Corolla Altis X, Toyota Hilux Revo (IMV III), and Toyota Fortuner (IMV IV).

    According to a circular released by the company, the economic uncertainties and extreme volatile situation of Pakistani rupee against US dollar have adversely impacted the cost of manufacturing for IMC. The company has therefore been compelled to pass on some impact to the market.

    The government of Pakistan has also enhanced the rate of Sales Tax to 25 per cent on all CKD vehicles with an engine capacity of 1400cc and above, except for IMV-I Single Cabin.

    Toyota Pakistan has stated that the mentioned car prices are subject to change and the prevailing prices at the time of delivery shall be applicable on all orders. Any change in Government levies and taxes, tariff, fiscal policies, import policies, forex, etc. will be on account of the customer.

    Here are the new prices of all Toyota cars after tax hike:

    Toyota Corolla Altis X latest prices

    Model Old price (Rs) New price (Rs) Hike (Rs)
    Toyota Corolla 1.6 MT 5,576,000 6,169,000 593,000
    Toyota Corolla 1.6 CVT 6,111,000 6,769,000 658,000
    Toyota Corolla 1.6 Special Edition 6,716,000 7,429,000 713,000
    Toyota Corolla 1.8 CVT 6,423,000 7,119,000 696,000
    Toyota Corolla 1.8 CVT SR 6,998,000 7,759,000 761,000
    Toyota Corolla 1.8 CVT SR BLK 7,039,000 7,799,000 760,000

    Toyota Yaris latest prices

    Model Old price (Rs) New price (Rs) Hike (Rs)
    Toyota Yaris 1.3 GLi MT 4,316,000 4,499,000 183,000
    Toyota Yaris 1.3 GLi CVT 4,588,000 4,789,000 201,000
    Toyota Yaris 1.3 ATIV MT 4,558,000 4,759,000 201,000
    Toyota Yaris 1.3 ATIV CVT 4,790,000 4,999,000 209,000
    Toyota Yaris 1.5 ATIV X MT 4,911,000 5,429,000 518,000
    Toyota Yaris 1.5 ATIV X CVT 5,213,000 5,769,000 556,000

    Toyota Hilux Revo latest prices

    Model Old price (Rs) New price (Rs) Difference (Rs)
    Hilux Revo STD 10,316,000 11,439,000 1,123,000
    Hilux Revo G MT 11,184,000 12,409,000 1,225,000
    Hilux Revo G AT 11,728,000 13,019,000 1,291,000
    Hilux Revo V 12,969,000 14,389,000 1,420,000
    Hilux Revo V AT ROCCO 13,675,000 15,179,000 1,504,000

    Toyota Fortuner latest prices

    Model Old Price (Rs) New Price (Rs) Hike (Rs)
    Toyota Fortuner G 4x2L 14,230,000 15,809,000 1,579,000
    Toyota Fortuner V 4×4 16,297,000 18,099,000 1,802,000
    Toyota Fortuner Sigma 17,175,000 19,079,000 1,900,000
    Toyota Fortuner Legender 18,112,000 20,129,000 2,017,000
  • ‘Extreme volatile situation of Pakistani rupee’ forces Toyota to announce third price hike of 2023

    ‘Extreme volatile situation of Pakistani rupee’ forces Toyota to announce third price hike of 2023

    Indus Motor Company (IMC), the manufacturer of Toyota vehicles in Pakistan, has increased prices for its CKD vehicles lineup by upto Rs890,000.

    The price hike has been attributed to “economic uncertainties and volatility of Pakistani rupee”, according to a notice sent to dealer principals, CEOs, and sales heads by the company.

    Below are the new prices:

    Variant Old Price (Rs) New Price (Rs) Increase (Rs)
    Yaris GLI MT 1.3 4,079,000 4,279,000 200,000
    Yaris GLI CVT 1.3 4,339,000 4,549,000 210,000
    Yaris ATIV MT 1.3 4,309,000 4,519,000 210,000
    Yaris ATIV CVT 1.3 4,529,000 4,749,000 220,000
    Yaris ATIV X MT 1.5 4,649,000 4,869,000 220,000
    Yaris ATIV X CVT 1.5 4,929,000 5,169,000 220,000
    Corolla Altis X MT 1.6 5,269,000 5,529,000 260,000
    Corolla Altis 1.6 X CVT-i 5,749,000 6,059,000 310,000
    Corolla Altis 1.6 X CVT-i SE 6,319,000 6,659,000 340,000
    Corolla Altis Grande X CVT-11.8 Beige 6,609,000 6,939,000 330,000
    Corolla Altis Grande X CVT-i1.8 Black 6,649,000 6,979,000 330,000
    Revo V AT 2.8 12,239,000 12,859,000 620,000
    Revo V AT Rocco 12,899,000 13,559,000 659,100
    Fortuner 2.7 G Petrol 13,419,000 14,109,000 690,000
    Fortuner 2.7 V Petrol 15,359,000 16,159,000 800,000
    Fortuner 2.8 Sigma 4 Diesel 16,189,000 17,029,000 840,000
    Fortuner Legender Diesel 17,069,000 17,959,000 890,000

    The notice explained that the current volatile situation of Pakistani rupee against the US dollar has adversely affected the manufacturing cost of IMC, making it extremely difficult for the company to hold the current indicative retail selling prices.

    Hence, the company has decided to pass on some impact to the market. The notification stated that the prices are subject to change and prices prevailing at the time of delivery shall continue to be applicable on all orders.

    Any change in government levies and taxes (including federal excise duty, sales tax, and CVT, etc), tariffs, fiscal policies, import policies, etc., will be borne by the customers. This is the third time since January 2023 that the company has raised the prices of its CKD vehicles lineup.

    The first price hike was introduced on January 12, followed by another price increase later last month. The auto industry has been significantly impacted in recent months, with companies shutting down production plants due to the unavailability of imported raw materials and restrictions imposed by the government to curb imports.

  • Car sales in Pakistan drop by 65% due to low purchasing power, supply chain disruptions

    Car sales in Pakistan drop by 65% due to low purchasing power, supply chain disruptions

    According to data from the Pakistan Automotive Manufacturers Association (PAMA), passenger car sales in Pakistan experienced a significant decline of 65 per cent in January 2023 compared to the same period the previous year. This was attributed to a shortage of raw materials, low purchasing power, and price surges.

    With the exception of Suzuki’s Swift, sales of all other variants of cars, trucks, buses, tractors, pick-ups, and three-wheelers, as well as two-wheelers, also dropped in January 2023.

    The seven-month sales data for FY23 showed a 43 per cent drop compared to the same period last year, with passenger car sales decreasing by 65 per cent to 6,021 units. In January 2023, engine-wise sales data showed that sales of 1,300cc and above cars were recorded at 4,207 units, down 55.5 per cent compared to the same period last year. Additionally, 1,000cc cars recorded sales of 1,214 units, a decrease of 55.2 per cent from the same period the previous year.

    In January 2023, sales of passenger cars with engines less than 1,000cc plummeted to 600 units, down 88 per cent from 4,820 units sold in the same period last year.

    Sales of Suzuki’s new Alto were particularly hard hit, dropping to 44 units from 3,864 units last year, as the company was unable to produce any due to raw material shortages. Commercial vehicle sales were also impacted, with buses and trucks declining to 470 units from 778 units in January 2022.

    Despite this, the sale of jeeps and pickups increased to 4,846 units from 3,625 units sold last year, largely due to an increase in sales of Honda BR-V and HR-V. Tractor sales, on the other hand, decreased to 3,406 units from 4,966 units in January 2022.

    Meanwhile, sales of rickshaws and motorcycles dropped to 109,558 units from 153,658 units in the same period last year. According to Topline Securities, Pakistan’s overall car sales, including those of non-PAMA members, stood at around 11,500 units, down 37 per cent from the previous month, primarily due to Pak Suzuki’s inability to produce due to the non-availability of CKD parts.

    In January 2023, the automotive industry in Pakistan experienced a 47 per cent year-on-year drop in sales, contributing to a 39 per cent decline in sales for the first seven months of FY23. According to Sunny Kumar, an analyst for Topline Securities, this is due to rising car prices, costly auto financing, and limited consumer purchasing power.

    Pak Suzuki (PSMC) was hit particularly hard, with sales falling to 2,946 units, the lowest level since April 2020, largely due to a credit letters issue. In contrast, Hyundai sales increased 81 per cent month-on-month, with Tuscon sales up 69 per cent and Sonata sales up 241 per cent in January 2023. In the tractor sector, Millat Tractors and Al-Ghazi Tractors recorded increased sales in January 2023 compared to the previous month.

    However, the industry’s overall sales have dropped by 53 per cent YoY to 14,919 units in 7MFY23, affected by floods, plant shutdowns, higher prices, and low consumer purchasing power.

  • ‘Insufficient inventory levels’ force Toyota IMC to suspend car production for two weeks

    ‘Insufficient inventory levels’ force Toyota IMC to suspend car production for two weeks

    Due to the continuing economic crisis, Pakistan’s automobile industry is struggling much like all other businesses. In the most recent development, Toyota Indus Motor Company (IMC) has temporarily halted automobile production.

    Non-production days (NPDs) will be observed by the automaker from February 1 to February 14, 2023. Due to limited supply, the corporation will also switch to single-shift manufacturing from February 15, 2023.

    An official notification from Toyota IMC reads:

    The company and its vendors continue to face major hurdles in import of raw materials and receiving clearance of their consignments from commercial banks. This has disrupted the entire supply chain and the vendors are unable to supply raw materials and components to the company. Accordingly, the company has insufficient inventory levels, therefore, the company is unable to continue its production activities.

    Last month, the State Bank of Pakistan decided to withdraw the restrictions placed on imports with effect from January 2, 2023. The SBP said that Authorised Dealers (ADs) may prioritise or facilitate imports under essential imports, energy imports, imports by export-oriented industry, imports for agriculture inputs, deferred payment / self-funded imports and import for export-oriented projects near completion.

    However, import restrictions due to dollar shortage are still hampering many industries including the auto sector.

    The prices of Toyota IMC’s vehicles have already increased twice in a single month. The uncertainty caused by the continued economic decline is now casting doubt on the future of Pakistan’s auto sector.

  • Toyota announces second price hike in less than 20 days due to economic uncertainties

    Toyota announces second price hike in less than 20 days due to economic uncertainties

    Toyota Indus Motor Company (IMC) has announced a second price increase for its vehicles in January 2023, following a significant depreciation of the Pakistani rupee against the US dollar.

    According to the company’s statement, they are facing difficulties in maintaining their current prices due to the economic uncertainties and volatility of the PKR.

    “This situation has made it extremely difficult for IMC to hold on to the current retail selling prices, and therefore, we are compelled to pass on some impact to the market,” the company said in a statement.

    Toyota also stated that the price increase is subject to change and that the prices in effect at the time of delivery will continue to apply to all orders.

    “Any change in government levies and taxes (including FED, Sales Tax, CVT, etc.), tariffs, fiscal policies, import policies, etc., will be on the account of the customer,” the automaker said.

    This latest price increase for Toyota vehicles comes at a time when Pakistan’s economy is already struggling. Moreover, experts believe that this won’t be the only price hike, as the continued volatility of the PKR will pressure other manufacturers and importers as well.

    Here are the new prices of all cars:

    Model Old price (Rs) New price (Rs)
    Yaris GLI MT 1.3 3,819,000 4,079,000
    Yaris GLI CVT 1.3 4,069,000 4,339,000
    Yaris ATIV MT 1.3 4,039,000 4,309,000
    Yaris ATIV CVT 1.3 4,239,000 4,529,000
    Yaris ATIV X MT 1.5 4,339,000 4,649,000
    Yaris ATIV X CVT 1.5 4,609,000 4,929,000
    Corolla Altis X MT 1.6 4,939,000 5,269,000
    Corolla Altis 1.6 X CVT-i 5,369,000 5,749,000
    Corolla Altis 1.6 X CVT-i SE 5,909,000 6,319,000
    Corolla Altis Grande X CVT-11.8 Beige 6,169,000 6,609,000
    Corolla Altis Grande X CVT-i1.8 Black 6,209,000 6,649,000
    Revo V AT 2.8 11,429,000 12,239,000
    Revo V AT Rocco 12,049,000 12,899,000
    Fortuner 2.7 G Petrol 12,509,000 13,419,000
    Fortuner 2.7 V Petrol 14,319,000 15,359,000
    Fortuner 2.8 Sigma 4 Diesel 15,099,000 16,189,000
    Fortuner Legender Diesel 15,909,000 17,069,000
  • Suzuki Swift GLX now costs more than Rs4.1 million after recent price hike of Rs355,000

    Suzuki Swift GLX now costs more than Rs4.1 million after recent price hike of Rs355,000

    As expected, Pak Suzuki Motor Company (PSMC) has announced a price hike for all cars after Toyota Indus Motor Company (IMC) and Honda Atlas Cars Limited (HACL).

    The revised retail sale prices will come into effect from January 25, 2023, according to PSMC.

    Here are the new prices:

    Model Old Price (Rs) New Price (Rs) Increase (Rs)
    Alto VX 1,699,000 1,859,000 160,000
    Alto VXR  1,976,000 2,156,000 180,000
    Alto VXR AGS  2,120,000 2,310,000 190,000
    Alto AGS 2,223,000 2,423,000 200,000
    Wagon R VXR  2,421,000 2,629,000 208,000
    Wagon R VXL  2,564,000 2,789,000 225,000
    Wagon R AGS  2,802,000 3,059,000 257,000
    Cultus VXR  2,754,000 3,039,000 285,000
    Cultus VXL  3,024,000 3,339,000 315,000
    Cultus AGS  3,234,000 3,569,000 335,000
    Swift GL MT 3,180,000 3,479,000 299,000
    Swift GL CVT 3,420,000 3,742,000 322,000
    Swift GLX CVT 3,760,000 4,115,000 355,000
    Ravi  1,424,000 1,539,000 115,000
    Ravi w/o Deck  1,349,000 1,464,000 115,000
    Bolan Van  1,500,000 1,619,000 119,000
    Bolan Cargo 1,487,000 1,606,000 119,000

    Surprisingly, the automaker has announced the highest price increase for its flagship hatchback, the Suzuki Swift GLX variant, which will now be sold for Rs4.115 million, a Rs355,000 increase from its previous price of Rs3.760 million. 

    Read more: Honda cars latest prices

    According to the notification from PSMC, the revised retail prices include the FED and sales tax but exclude advance income tax, with another condition that the prices are subject to change without notice at the time of delivery.

  • Toyota Indus Motor Company increases car prices by up to Rs1.2 million

    Toyota Indus Motor Company increases car prices by up to Rs1.2 million

    Toyota Indus Motor Company has announced a significant and unexpected price increase for all of its well-known models, including all variants of the Toyota Yaris, Toyota Corolla Altis, Toyota Hilux Revo, and Toyota Fortuner.

    The first price hike from Toyota for 2023 is already in place and will be applied to all new bookings.

    Following the most recent price increase disclosed by the manufacturer, these are the latest prices for all Toyota cars in Pakistan:

    Toyota Corolla

    Altis X Manual 1.6

    New price: Rs4,939,000

    Old price: Rs4,569,000

    Increase: Rs370,000

    Altis X CVT 1.6

    New price: Rs5,369,000

    Old price: Rs4,979,000

    Increase: Rs390,000

    Altis X 1.6 CVT SE

    New price: Rs5,909,000

    Old price: Rs5,479,000

    Increase: Rs430,000

    Altis Grande X CVT-i 1.8 (Beige room)

    New price: Rs6,169,000

    Old price: Rs5,709,000

    Increase: Rs460,000

    Altis Grande X CVT-i 1.8 (Black Interior)

    New price: Rs6,209,000

    Old price: Rs.5,749,000

    Increase: Rs460,000

    Toyota Yaris

    Yaris GLI MT 1.3

    New price: Rs3,819,000

    Old price: Rs3,539,000

    Increase: Rs280,000

    Yaris GLi CVT 1.3

    New price: Rs4,069,000

    Old price: Rs3,769,000

    Increase: Rs300,000

    Yaris ATIV M/T 1.3

    New price: Rs4,039,000

    Old price: Rs3,729,000

    Increase: Rs310,000

    Yaris ATIV CVT 1.3

    New price: Rs4,239,000

    Old price: Rs3,929,000

    Increase Rs310,000

    Yaris ATIV X MT 1.5

    New price: Rs4,339,000

    Old price: Rs4,009,000

    Increase: Rs330,000

    Yaris ATIV X CVT 1.5

    New price: Rs4,609,000

    Old price: Rs4,259,000

    Increase: Rs350,000

    Toyota Revo

    Hilux Revo V Automatic 2.8

    New price: Rs11,429,000 

    Old price: Rs10,599,000

    Increase: Rs830,000

    Hilux Revo Rocco

    New price: Rs12,049,000

    Old price: Rs11,179,000

    Increase: Rs870,000

    Toyota Fortuner

    Fortuner G A/T

    New price: Rs12,509,000

    Old price: Rs.11,579,000

    Increase: Rs930,000

    Fortuner 2.7 V A/T

    New price: Rs14,319,000

    Old price: Rs13,259,000

    Increase: Rs510,000 

    Fortuner 2.8 Sigma 4

    New price: Rs15,099,000

    Old price: Rs13,969,000

    Increase: Rs1,130,000

    Fortuner Legender

    New price: Rs15,909,000

    Old price: Rs14,699,000

    Increase: Rs1,210,000

    Small hatchbacks and small sedans were already out of the reach of the average person’s budget. The most recent price hike is now anticipated to cause more problems for the country’s already-suffering people. On the other side, Toyota’s most recent announcement could possibly cause a decline in its auto sales.

  • Suzuki to halt car and bike production in January 2023 due to parts shortage

    Suzuki to halt car and bike production in January 2023 due to parts shortage

    Following in the footsteps of Toyota Indus Motor Company (IMC), Pak Suzuki Motor Company (PSMC) has said that its production facility will be totally shut down from January 2 to 6, as a result of a ban on the import of auto parts.

    The automaker, in a notice sent to the Pakistan Stock Exchange (PSX), said that the State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under “HS code 8703 category (including completely knocked down – CKDs) vide circular No.09 of 2022 dated May 20, 2022”.

    “Restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.”

    “Therefore, due to shortage of inventory level, the management of the company has decided to shut down its plant for the automobile as well as a motorcycle for the period from January 2 to January 6, 2023,” PSMC said.

    It is important to note that this is not the first time that Suzuki, one of the country’s top-selling automakers, has closed a production facility. Several shutdowns have already been announced in 2022 by some well-known automakers, including Honda and Toyota.

    PSMC is involved in the assembly, progressive manufacturing, marketing, and distribution of Suzuki vehicles, pickup trucks, vans, 4x4s, motorcycles, and associated spare parts.

    According to Geo, due to the central bank’s limits on the opening of letters of credit (LCs) as a result of a severe liquidity crunch, Pakistan’s car sector, which is heavily dependent on imports, is currently experiencing serious difficulties.

  • Pakistan’s auto sector witnesses 39% increase in car sales in November

    Pakistan’s auto sector witnesses 39% increase in car sales in November

    According to data from the Pakistan Automotive Manufacturers Association, sales of passenger cars increased slightly in November 2022 compared to the same month in 2021.

    Analysts anticipate more improvement in the upcoming months due to the better availability of raw materials for the automakers following an increase in the issue of letters of credit. In percentage terms, the increase was 39 per cent month over month.

    According to The News, sales of all other models of cars, lorries, buses, tractors, jeeps, pick-ups, three-wheelers, and two-wheelers, other than the Suzuki Alto, decreased in November 2022 compared to November 2021.

    On the other hand, compared to the 90,303 units sold during the same period last year, car sales fell by 39 per cent in the first five months of FY23 to 55,144 units.

    According to PAMA data, there were 15,444 passenger car sales in November 22 as opposed to 15,351 in the same month last year, a rise of 0.60 per cent or 93 units. In November 2022, sales jumped from 11,129 units sold in October 2022 by 39 per cent, or 4,315 units.

    Sales of cars with 1300cc displacement or more were reported at 5,831 units during this time period, a 28 per cent decrease from the 8,102 units sold during the same period the previous year.

    Compared to 3,641 units sold during the same month last year, 1,854 units of 1000cc automobiles were sold in November 2022 (1,136 units of the Suzuki Cultus and 718 units of the Suzuki WagonR).

    Sales of sub-1 000cc cars were 7,759 units, an increase of 4,150 units, or 115 per cent, over the 3,609 units sold the previous year.

    Sales of the new Suzuki Alto were astounding, reaching 7,255 units, a 282 per cent increase over the 2,420 units sold the year before.

    Bus and truck sales dropped from 532 units in November 2021 to 342 units in November 2022. Jeep and pickup truck sales decreased from 3,363 vehicles sold during the same period last year to 2,947 units sold in 2022.

    Tractor sales, on the other hand, decreased from 4,617 units in November of last year to 1,240 units last November. In November 2022, 110,529 motorbikes and rickshaws were sold, compared to 166,731 in the same month the previous year.

    According to a Topline Securities study, Pakistan’s overall automobile sales were roughly 20,000 units, up 35 per cent month-over-month, mainly because CKD parts were more readily available in November 2022 than they were in October 2022, which increased output.

    In November 2022, Pak Suzuki reported a growth of 55 per cent month over month to 12,400 units, followed by Honda Cars’ increase of 38 per cent month over month to 1,973 units.

  • Toyota IMC increases car prices up to Rs7 lac

    Toyota IMC increases car prices up to Rs7 lac

    Toyota Indus Motor Company has announced a massive price hike for Corolla and Hilux variants.

    The automaker blames rising manufacturing costs and the weakening rupee in a notification it has issued.

    Here are the new prices:

    Vehicle Old Invoice New Price Difference
    Toyota Corolla Altis 1.6 CVT Rs4,789,000 Rs4,979,000 Rs190,000
    Toyota Corolla Altis 1.6 CVT SE Rs5,279,000 Rs5,479,000 Rs200,000
    Toyota Hilux Rs8,449,000 Rs9,069,000 Rs620,000
    Toyota Hilux Revo G 2.8 R9,169,000 Rs9,839,000 Rs670,000
    Toyota Hilux Revo G 2.8 AT Rs9,609,000 Rs10,309,000 Rs700,000
    Toyota Corolla’s new prices

    Since January 2022, Toyota has raised the pricing of all of its vehicles by 32 to 7 per cent. Aspiring Toyota buyers are put into a worse situation by this additional price increase.

    These models are now more competitively priced with their top-tier competitors in their respective categories. Toyota may therefore be using decoy pricing to steer client spending into their more expensive items as one of its goals.

    IMC may also want to prepare customers for potential price increases that are even higher relative to those for the more expensive versions of these particular models.

    Regardless of what Toyota hopes to accomplish with this price rise, the cause is most likely the same: its operational loss of Rs3.3 billion in Q1FY23. From Rs5.42 billion in Q1FY22 to Rs1.29 billion in Q1FY23, Toyota’s sales revenue fell by 76 per cent. Toyota would have ended the quarter with a total loss if it weren’t for its Rs5.16 billion in other income.