KARACHI: Despite a 30-59 per cent drop in sales of various models due to unfavourable economic conditions that led to plant closure from Dec 20-30, 2022, Indus Motor Company (IMC) has surprised its buyers by jacking up the prices by Rs280,000 to Rs1.2 million.

In another development, Millat Tractors Ltd (MTL) has decided to resume its operations from Jan 16. It had suspended production from Jan 6 till further notice due to a continuously reduced demand for tractors and cash flow constraints.

On Friday, IMC in a circular to its authorised dealers said that high raw materials prices had significantly increased vendors’ cost of production. In addition, the volatile situation of the country’s foreign exchange reserves, rising utilities and overheads also impacted the manufacturing cost, thus compelling the company to pass on some impact to the market.

The new rate of Toyota Yaris 1.3MT, 1.3 CVT. 1.3 HMT, 1.3 HCVT, 1.5MT and 1.5 CVT is Rs3.819m, Rs4.069m, Rs4.039m, Rs4.239m, Rs4.339m and Rs4.609m compared to Rs3.539m, Rs3.769m, Rs3.729m, Rs3.929m, Rs4.009m and Rs4.259m.

The prices of Toyota Corolla 1.6MT, 1.6 CVT, 1.6 CVT Upspec, 1.8 CVT SR and 1.8 CVT SR BLK have been raised to Rs4.939m, Rs5.369m, Rs5.909m, Rs6.169m and Rs6.209m from Rs4.569m, Rs4.979m, Rs5.479m, Rs5.709m and Rs5.749m.

Millat Tractors resumes production from 16th; Suzuki extends shutdown

REVO V AT and V AT ROCCO prices are now tagged at Rs11.429m and Rs12.049m versus Rs10.599m and Rs11.179m.

The new rates of Fortuner LO Petrol, High Petrol, Diesel and Diesel Legender are Rs12.509m, Rs14.319m, Rs15.099m and Rs15.909m as compared to Rs11.579m, Rs13.259m, Rs13.969m and Rs14.699m.

A Toyota dealer said the booking is open and customers would get the delivery of vehicles by July onwards, while Revo and Rocco models would be handed over in one or two months.

He said no “premium” exists on any vehicles due to depressed demand.

Suzuki extends shutdown

In a stock filing, PSMCL announced that it has extended its car assembly plant from Jan 16-20 due to a continued shortage of parts and accessories.

The production activities at the plant had remained suspended from Jan 2-6.

However, it would keep its motorcycle plant operative.

From Aug-October 2022, the plant of PSMCL remained shut for 19 days due to import restrictions imposed by the State Bank of Pakistan.

Published in Dawn, January 14th, 2023