Indus Motor Company – operating as Toyota Indus – announced on Monday that the prices of its 1,700cc and above engine capacity vehicles will be increased by 10% with effect from Monday.
Indus Motor CEO Ali Asghar Jamali confirmed about the hike in prices and said:
“We have passed on the impact of 10% FED (federal excise duty) the government has imposed through the Finance Supplementary (Second Amendment) Bill 2019 to cars of 1,700cc and above category,”.
“It is important to note that FED will be applicable to all new and balance order (including full and partial payment),” the company notification said.
“New RSP (retail selling price) will also be applicable to all government orders pending delivery with the company,” it said.
According to the new price list:
- Corolla Altis M/T (1.8 litres): Rs2.96 million
- Corolla Altis A/T CVT-I (1.8 litres): Rs3.10 million
- Corolla Grande MT-SR (1.8 litres): Rs3.15 million
- Corolla Grande AT-SR CVT-I (1.8 litres): Rs3.30 million
- Fortuner 4×4 – Sigma 4 (2.8 litres) diesel engine: Rs7.52 million
- Fortuner 4×2 (2.7 litres) petrol engine: Rs7.04 million
Any impact on prices due to changes in government levies, tariffs, fiscal policies, import policies, etc would be on account of customers, it said.
The 10% FED is considered to have a negative impact as the 24% sales are made in the 1700 CC and above category, the brokerage house said.