Indus Motor raises car rates by Rs 25,000-35,000

[Lahore_Real_Estate]

LAHORE - The Indus Motor Company has decided to raise the retail prices of all Corolla variants by Rs 25,000 while Altis price will be increased by Rs 35,000, translating into about 2 per cent jump on all the models.
The decision came following the unprecedented strengthening of the Yen which is presently at a 15-year high against major currencies, making the imported CKD as well as local parts more costly as most of the raw materials are also imported.
The Indus Motor Company, which has been absorbing most of the costs reducing its profit, has now announced to increase its car prices with immediate effect, said a statement issued on Wednesday.
It was stated that the Corolla prices remained unchanged from February 2010, while during this period the Pakistan rupee has depreciated by 8 per cent against yen and the company has been absorbing that cost over the last few months.
Extensive flooding in the country has also taken a severe toll on the car sales and has further added to the misery of an industry already plagued with the above inflationary pressures, it added.
The new prices will be applicable to all future orders and deliveries.