Toyota slashes car prices after rupee surge

By: News Desk
Published: 10:06 AM, 16 Aug, 2022
Toyota slashes car prices after rupee surge
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Toyota Indus Motor Company (IMC) has announced a massive reduction in their car prices after the Pakistani rupee continued to recover against the US dollar, reported 24NewsHD TV channel on Tuesday.

The US dollar which hit a historic high of Rs239.94 on 28 July 2022, which led to car manufacturers announcing a massive hike in their prices, is now being traded at Rs213, which prompted the company to slash rates of its cars.

However, the booking for vehicles still remain suspended by Indus Motor Company (IMC) which also announced to provide full refund to customers along with mark-up payment for order cancellation as the company is facing disruption in its production due to constraints on approval of Letter of Credit (LCs) from the State Bank of Pakistan (SBP) for the import of CKD kits.

“As Pakistani rupee has appreciated against the US dolalr during the last few days, it has made it possible for IMC to pass on the favourable forex impact to its customers,” said the company in its notification, adding that new prices are Indicative RSPs (Ex-Factory Karachi, including CVT).

The company added that “prices are subject to change and prices prevailing at the time of delivery shall continue to remain applicable on all future orders.”