Owing to the rupee devaluation and growing inflation, Toyota Indus Motor Company (IMC) has jacked up the prices of its Corolla and IMV vehicles. The prices of Corolla XLI, GLI, Altis Grande, Hilux, and Fortuner variants have gone up in the recent hike.
According to a notification, the new prices will be applicable from April 20, 2019, on Toyota Corolla and IMV variants. People who have already booked their Toyota vehicles will not suffer from this hike. The prices were increased starting from Rs 65,000 up to Rs 307,100.
There will be a difference in prices for tax filers and non-filers. Freight charges also vary for different cities.
Moreover, IMC said it has extended the warranty of all CKD and CBU products from 2-year or 50,000 km to 3-year or 100,000 km. Buyers of new locally-manufactured Corolla variants can purchase an extended warranty of 1-year or 25,000 km for Rs.9,500. Similarly, buyers of Fortuner variants can pay Rs.38,000 (1.3L) or Rs.40,000 (1.6L and 1.8L) for an optional extended warranty of 1-year or 20,000 km.
LAST HIKE IN MARCH
In March 2019, Toyota IMC had revised the prices of its vehicles, including Toyota Corolla and its variants, Toyota Hilux and its variants and various other Toyota CBUs.
The government has also levied a 10% FED on locally built cars of 1700cc engine displacement and above through the recent Finance Supplementary (Second Amendment) Bill 2019. The prices have also been affected by this factor in the case of 1700cc or above engine displacement cars.
It is worth mentioning here that the federal government had announced that it intends to withdraw 10% FED on vehicles of 1700cc engine displacement and up in the coming weeks. However, the promise made by Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile and Industries, is yet to be fulfilled.
A similar hike in Toyota car prices was seen in November 2018.
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