The corporation also blamed rising power expenses, overhead fees, and currency rate volatility for the rise. The company stated in a statement that the circumstance had made it “very difficult” for it to maintain the present prices and that it was forced to transfer some of the effects forward to the market.
Increases in the range of Rs. 280,000 to Rs. 1,210,000 were declared by the corporation. All new orders placed after January 12, 2023, will be subject to the new RSP Ex-factory.
The Yaris 1.3 MT now costs Rs3.819 million, an increase of Rs280,000, while the 1.5 CVT now costs Rs4.609 million, an increase of Rs350,000. The new prices for the 1.3 CVT, 1.3 HMT, 1.3 HCVT, and 1.5 MT are, respectively, Rs. 4.069 million, Rs. 4.039 million, Rs. 4.239 million, and Rs. 4.399 million.
According to information provided by the company, the Corolla 1.6 CVT’s price has increased by Rs390,000, or Rs4,979,000, to Rs5,369,000.
Following a price increase of Rs430,000, the Corolla 1.6 CVT spec is now available for Rs5,909,000.
Hilux Revo VAT now costs Rs11,429,000, an increase of Rs830,000. Revo VAT ROCCO now costs Rs12,049,000 instead of Rs11,179,000, an increase of Rs870,000. The Fortuner range’s prices saw the highest hike.
The revised prices for the Fortuner LO Petrol, High Petrol, Diesel, and Diesel Legender are Rs12.509m, Rs14.319m, Rs15.099m, and Rs15.909m, respectively, an increase of Rs930,000, Rs1.06m, Rs1.13m, and Rs1.21m.
All orders placed on or after January 12 will be subject to the revised prices.
The auto sector has been severely impacted lately, with production falling by 30.56 percent in October. Due to price increases and high-interest rates that made leasing more expensive, sales have also sharply decreased.
The central bank’s restrictions on vehicle financing and refusal to release letters of credit to stop dollar outflows caused a shortage of parts, and major manufacturers, notably IMC and Pak Suzuki Motor Company Ltd, have had to halt operations during the past few months as a result.