The recent price revision is considered to be the result of the Pakistani Rupee appreciating against the US Dollar. Moreover, the company reduced its prices after Pakistan Automotive Manufacturers Association (PAMA) reported 62% decline for the sales figure of Toyota for the month of July.
The CEO of IMC, Asghar Ali Jamali while expressing himself regarding the price reduction said that the price hike this summer was a result of rupee devaluation and the revision in the prices is the consequence of the Rupee regaining its lost value gradually.
Toyota Reduces Prices of All Local Cars by upto Rs. 1.1 Million. As the Pakistani Rupee has appreciated against the USD in last few das, it has made it possible for Toyota Pakistan to pass on the favorable benefits to its customers.@ToyotaPak #autoindustry #pakistan #Breaking pic.twitter.com/TDdNCzPfvM
— Startup Pakistan (@PakStartup) August 15, 2022
The recent price cuts resulted in the resumption of the company’s local car assembling operations as the previous price hike of Rs.3 million by the company, pushed most of its cars out of reach for a majority of buyers.
New Prices
All six variants of Toyota Corolla has experienced a price drop. The price of Corolla Altis X Manual 1.6 has decreased from Rs. 4,899,000 to Rs. 4,569,000. Similarly, the Corolla Altis X Automatic 1.6, now costs Rs.4,789,000 compared to the previous price of Rs.5,139,000.
The third variant is Corolla Altis X Automatic 1.6 Special Edition (SE), has a new price of Rs. 5,279,000 compared to Rs. 5,639,000. Corolla Altis X CVT-i 1.8 has a price drop of Rs. 4,10,000 from Rs. 5,969000. Likewise, Corolla Altis Grande X CVT-i 1.8 (Beige Interior), now costs Rs. 5,709,000 compared to the old price of Rs. 6,149,000. Lastly, Corolla Altis Grande X CVT-i 1.8 (Black Interior) has also experienced a price drop from Rs. 6,189,000 to Rs. 5,749,000.
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Moreover, the prices of all six variants of Toyota Yaris have also been revised. Yaris GLI MT 1.3has a new price of Rs. 3,539,000 in comparison to its old price of Rs. 3,799,000. Secondly, the price of Yaris ATIV MT 1.3, has also dropped to Rs. 3,729,000 from Rs. 3,999,000.
Thirdly, Yaris GLI CVT 1.3 has a new price of Rs. 3,769,000 and Yaris ATIV CVT 1.3 now costs Rs. 3,929,000 compared to Rs. 4,209,000. The fifth variant of Toyota Yaris ATIV X MT 1.5 has a new price of Rs. 4,009,000 compared to its earlier price of Rs. 4,309,000, and the price of Yaris ATIV X CVT 1.5 has dropped to Rs 4,259,000 from Rs. 4,569,000.
Apart from Toyota Corolla and Yaris, the prices of Toyota Fortuner have also been updated by the company. The Fortuner 2.7 G has an updated price of Rs. 11,579,000 compared to Rs. 12,489,000, Fortuner 2.7 V now costs Rs 13,259,000, Fortuner 2.8 Sigma 4 has a new price of Rs 13,969,000 from Rs. 15,069,000, and Fortuner Legender has a revised price of Rs. 14,699,000 compared to Rs. 15,839,000.
In addition to the reduction in prices, IMC was the only automotive industry to provide a refund to its customers last month.
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Although the prices are still very high compared to the previous ones before the latest wave of price hikes. However, the initiative can be seen as a promising step to create a ripple effect in the local industry amidst prevailing inflation and economic uncertainty. Conclusively, the downward price reduction strategy might show up as a good choice for the local automotive industry to spur its sales.