Increasing in dollar strength affects the inflation rate. Usually, car prices increase after increasing the dollar strength. Pakistan’s cars are made with imported parts and an increase of international currency effect on customs duty.
Previously car prices increase after the tax imposed by the government. Recently Pakistan car makers ask for tax relief on input tax but the government has not to respond on it. On the other side, the dollar rate again increased in the international market. The current dollar rate is PKR 167. It is expected that a new increase in rates of dollar effect on upcoming cars in Pakistan like Toyota Yaris.
Indus Motor Corporation (IMC) launches Toyota Yaris in Pakistan to replace Corolla variants. Toyota has collected 100% advance from its customers. The company was a plan to launch Yaris on 27th March. After the outbreak, the COVID-19 launching of Toyota Yaris 2020 is postponed. IMC already mentioned that they have a right to increase the price without any notice. The company has started Toyota Yaris booking before launching but after the lockdown order by the government, its booking is closed.
If Toyota will increase the price of Yaris customers who have a pay booking amount should pay the complete amount to receive a car. Pakistani car manufacturers already survive in loss because of high prices. The demand for cars is low in the market because of high prices.
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