Following the footsteps of Honda last week, Toyota has also increased the prices of all its vehicles due to the depreciation of rupee last week.
The automobile manufacturer has raised prices of all its cars by a minimum of Rs. 50,000 and a maximum of Rs. 175,000 across its vehicle lineup in Pakistan.
To give you an idea, the Toyota Corolla XLI will now be sold at a price of Rs. 1.944 million till December. This price will see a further rise of Rs. 50,000 in January taking the car price to a whopping Rs. 2.044 million.
For all other Toyota vehicles, prices have been increased by up to Rs.100,000. These prices are also expected to double by January next year.
The company has announced that the devaluation of rupee has caused a significant increase in prices of cars due to duties imposed by the government on imported components and raw materials for parts.
Earlier last week, Toyota had suspended bookings on all its vehicles in Pakistan. The booking of cars will now resume with the announcement of new prices.
With Toyota and Honda each raising car prices in Pakistan, only Suzuki is left behind. Experts believe it is only a matter of few days until Suzuki, too, will raise its cars prices.