The updated price of Toyota Corolla XLi, GLi and GLi automatic transmission is Rs1.81 million, Rs1.94m and Rs2.02m compared to Rs1.75m, Rs1.88m and Rs1.96m, respectively. The new price of 1.6 Altis has been jacked up to Rs2.19m from Rs2.14m.

The updated price of Toyota Corolla XLi, GLi and GLi automatic transmission is Rs1.81 million, Rs1.94m and Rs2.02m compared to Rs1.75m, Rs1.88m and Rs1.96m, respectively. The new price of 1.6 Altis has been jacked up to Rs2.19m from Rs2.14m.

Company says prices are increasing because of devalue of pak rupee against the dollar. Prices are expected to increase by 7 to 8 percent because of increase in imports price of components. Price of locally produced parts have also raised due to use of raw material imported from international market.  

Indus Motor Company (IMC) has increased prices of 1,300-1,600cc cars by Rs50,000-60,000 ahead of the new year. Other assemblers are likely to follow suit.

According to the Pakistan Bureau of Statistics, the import bill of completely-knocked down and semi-knocked down kits for locally assembled cars soared to $329m in July-November from $262m in the same period last year.

According to Pakistan Market Outlook 2018 prepared by Topline Securities, the auto sector is likely to benefit from the change in import duties and procedure of imported vehicles, which could reduce car imports by 20-25pc.

A reduction in imported, used vehicles would allow existing players to pass on the cost pressure of devaluation in 2017-18 before new auto players make an entry in 2019.

Sales would be supported by the introduction of new models in 2018-2