Pakistan is currently facing an economic crisis. The currency there is continuously getting weaker, which means the rate of inflation is increasing. In the last few years in Pakistan, the price of everything from food and drink has increased manifold.
The automobile industry in Pakistan has also been badly affected by the economic crisis. The prices of all types of vehicles including two-wheelers are increasing continuously. Let us find out how this affects the Pakistani automobile industry.
Toyota hiked prices twice in January
Indus Motor Company (IMC), which assembles and sells Toyota vehicles in Pakistan, raised prices for the second time in January 2023 due to the weak local currency.
Toyota car prices have increased by about Rs 11.5 lakh. The price of the Corolla 1.6 CVT has now increased by Rs 380,000 to Rs 57.49 lakh. While the price of Corolla 1.8 CVT has increased by Rs 430,000 to Rs 60.07 lakh.
According to IMC, economic uncertainty and a sharp fall in the value of the Pakistani rupee against the dollar are adversely impacting the company’s vehicle production cost, leading to an increase in prices. The Toyota Fortuner Diesel Legend is now available at ₹17.07 Million (roughly Rs. 1.7 Crore) as against ₹ 1.16 Crore (Rs. 1.2 Crore) earlier.
2 wheeler prices also increased
Many car companies have stopped booking expensive new vehicles due to rising prices. Also, from February 1, the prices of the bikes will increase by Rs 20,000-25,000.
Suzuki also increased the prices
A new report has revealed that the price of Suzuki cars in Pakistan has also increased. For example, the price of Alto VX has increased by Rs 160,000 to Rs 18.59 lakh. Meanwhile, the Wagon R has gone up by Rs 257,000 to Rs 26.29 lakh. The prices mentioned in this news are in Pakistani Rupees and currently, 3 Pakistani Rupees are equal to 1 Indian Rupee.
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