World Biz
Softened Pakistani rupees lead to auto price hikes
Last Updated: 2019-01-04 10:13 | Xinhua
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The Indus Motor Company, a manufacturer of Toyota automobiles in Pakistan, has raised prices of most of its models following a softening Pakistani rupee against the U.S. dollar, local media reported on Thursday.

The company has increased the prices in the range from 75,000 to 175,000 rupees (or some 550 to 1,270 U.S. dollars), according to a nationwide circular issued by the company.

The automaker increased its cars prices for four times in 2018. The latest price hike followed the one a few months back in last year back when it raised prices of its products by some 1,000 dollars.

Other major auto manufacturing companies in Pakistan have also raised prices of their vehicles due to the rupees' depreciation which prompted to an increase in imports.

On Tuesday, Japanese auto company Honda has also hiked car prices significantly in Pakistan. The price of 1,300 cc vehicles has been increased by 125,000 rupees (about 900 dollars) while the price of 1800 cc car has increased by 225,000 rupees (some 1,600 dollars), according to the rates available with the company's dealers.

Similarly, Suzuki also decided to increase the prices of locally manufactured cars by 40,000 rupees on Jan. 1. (1 U.S. dollar = 138 Pakistani rupees)

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