The devaluation of rupee against the dollar will have effects on almost all major industries in Pakistan. The auto industry will now be compelled to increase its vehicle prices as seen in Toyota Indus Motor Company’s case. Toyota IMC has increased its vehicle prices with a huge difference.
According to a recent circular, the price difference for November and December months are in between 50,000 which is the lowest and 175000 which is the highest. Toyota has issued difference prices list for booking & deliveries of its vehicles from October to December 2018.
Then from January 2019, the prices will change again. They will be increased by up to pKR 350,000. Furthermore, those customers who have made partial payments for their vehicles and will get their cars delivered by October of November 2018 are compelled to pay 50% of raised Retail Sale Price (RSP). But those who have made full payments during the booking time will not have to pay the new RSP. Also for car deliveries in December 2018, all the customers will have to pay 50% of the new RSP.
The company said, “It is extremely difficult for IMC to hold current retail selling prices and therefore, we are compelled to pass on a part of this change impact to the market.”
IMC CEO Ali Asghar Jamali said, “We have devised this price strategy to give relief to customers. We are actually absorbing the impact of rupee devaluation.”