Toyota Indus Motor Company has resumed the bookings of its cars without increasing any prices.
It’s good news for customers since multiple companies, including Kia Lucky Motors, Changan Master Motors, Proton Pakistan, and Prince DFSK, have recently hiked their prices.
Earlier this month, Toyota Pakistan suspended the bookings of all of its cars, citing the “current uncertain and volatile market conditions.”
“The order intake for all Toyota models has been closed till further notice,” the company said.
Toyota IMC was not the only automaker to suspend bookings for its vehicles. Lucky Motor Corporation (LMCL) also suspended bookings for its best-selling Kia models, namely, Picanto, Sportage, and Stonic.
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— Toyota Central Motors (@ToyotaCentralM2) April 20, 2022
During a quarterly performance review last month, CEO of Toyota IMC Ali Asghar Jamali said the automakers must increase prices due to global logistical challenges and rising freight costs.
Along with other experts, Jamali believed that the local currency depreciation had had the most devastating impact on the car industry. They speculate that a continuous nosedive of the Pakistani Rupee against the US Dollar will result in several price hikes this year.
The global supply chain and economic turmoil have caught up to the Pakistani car industry, which has begun transferring its effect to the end customers.
A few weeks ago, the dollar price reached Rs. 190 from Rs. 184 amid a political turmoil in the country. Although a new government has been established now, the economic instability, especially the rupee devaluation against the US dollar, is still on.
As per market reports, today’s dollar rate is Rs. 186.50, which fell to Rs. 182 just a couple of days ago. Therefore, Toyota may hike its prices in the coming days as the market faces fluctuation and issues.
The last price hike by Toyota Pakistan happened on March 22, 2022. The company jacked up the prices of all of its locally assembled units up to Rs. 1,257,000.