Indus Motor increases car prices

KARACHI: Indus Motor Company Limited, manufacturer of Toyota in Pakistan, on Friday said it has increased car prices, ranging from Rs15,000 to Rs30,000 following the government decision to hike custom duty on imported parts.
“Compelled by the recent increase in custom duty on CKD and imported parts by one percent… Indus Motor Company Ltd. has increased the prices of their vehicles,” the company said in a statement.
Ali Asghar Jamali, chief operation officer of the company, said new prices will be applicable with immediate effect for booking of new orders to be delivered from January 2016 onwards “whereas the company will absorb the incremental costs on balance orders of vehicles booked till December 3, 2015.”
“IMC has kept the prices stable for more than a year time while absorbing most of the increased cost of production on account of continuous rupee depreciation and increasing utility expenses,” he said.