Ali Asghar Jamali, the CEO if Indus Motors, the assemblers of Toyota vehicles in Pakistan, has announced that his company will increase car prices in coming days in the wake of appreciation of the US dollar and Japanese yen against Pakistani rupee since December 2017.
He said this while addressing the annual Industry Workshop, which was held in collaboration of Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM):
“We will jack up prices soon due to rising value of the dollar and the yen. It is getting difficult to hold the prices further.”
This will be the second increase within three months as carmakers had pushed up prices immediately after the government let the rupee lose over 5% of its value against the dollar in December 2017 in the face of persistent pressure due to a fast widening current account deficit.
Despite the rise in vehicle prices, consumer demand has remained strong across all categories in recent years. With improving security situation and better electricity supply, experts expect further growth of the industry in coming years.