Assembler of Toyota vehicles in Pakistan, Indus Motor Company (IMC), stated on Tuesday that prices will be reduced by up to 8.3%, or Rs1.31 million, starting on October 24 in order to pass on the benefits of the rupee’s recent strengthening against the dollar to customers, according to The News.
The company, which sells Toyota’s Yaris, Corolla, Revo, and Fortuner, notified dealers of the new prices in a notification, according to the publication’s story published on Wednesday.
The action follows announcements of lower vehicle prices made earlier this month by MG Motors and Lucky Motor Corporation.
The 1.3MT LO, the entry-level Yaris model, has decreased by Rs100,000, or 2.2%. The updated cost is Rs4.399 million. Meanwhile, after a Rs120,000 price reduction, the 1.5 CVT Aero, the model at the top of the lineup, would now retail for Rs5.849 million.
The price of a Toyota Corolla variation has been decreased from Rs200,000 to Rs25,000. The Revo pickup vehicle from Toyota is now $450,000 to $790,00 cheaper.
The Legender and GRS, the Fortuner’s highest variants, had price reductions of Rs1.13 million and Rs1.19 million, respectively, bringing their costs below Rs20 million.
Since reaching a record low of 307.1 last month, the rupee has appreciated by more than 10 versus the dollar. The rupee rebounded and stabilized versus the dollar after the interim administration cracked down on smugglers and hoarders to stop illegal outflows.
The auto industry, which has been suffering from high costs and poor demand and is largely dependent on imports of parts and raw materials, has seen less pressure as a result of the currency’s gain.